Task 01

Ratio analysis is one of the most common and effective ways of getting to know the financial of
an organization better. There are many types of ration analysis such as liquidity, profitability,
risk, solvency, efficiency, operations effectiveness etc., which will help the management take
informed decision about the companies’ financial status (Banerjee and Vaidya, 2022). The two
organizations that the management of Penco is interested in are Ramboda Falls PLC (Ramboda
Falls PLC, 2022) and The Kingsbury Hotel (The Kingsbury PLC, 2022). Based on the analysis
of the financial ratios done for the financial year 2020 -2021, the following information can be
obtained about the two organizations in hand.

The year of 2020 – 2021 is the negative year overall for the entire world with the COVID-19
pandemic coming into play at the end of 2020. The revenue of all the organizations in the
hospitality industry came plummeting down while the only a few industries were able to
succeed. This pattern is clearly seen in both the organizations when looking at the profitability
ratios analysis. In the financial year of 2020/2021, only the Ramboda Falls PLC was able to earn
a gross profit and the gross profit margin of the organization was marked at 18%. The Kingsbury
Hotel was not able to earn a gross profit and therefore the gross profit margin of the organisation
for the year was at a -11%. When looking at the operating profit of both the organizations, the
operating expenditure has increased and thus a negative operating profit was archived. The
operating profit ratios stood at -184% and -113% respectively for Ramboda Falls PLC and The
Kingsbury Hotel. Going in the similar direction after the taxes for the year the net profits of both
the entities were also in the red zone and thus the net profit margins of the entities were -172%
for Ramboda Falls PLC and a -97% for The Kingsbury Hotel. Therefore, when looking at the
profitability of the organizations a positive note cannot be identified for the financial year.

Moving on to look at the efficiency of the operations in the two organizations, the current ratios
and working capital related ration are developed. In both the organization the current ratio is less
than one, 0.46 and 0.17 respectively for Ramboda Falls PLC and The Kingsbury Hotel, which
indicates that both the entities have more liabilities to be paid off than the assets. If a company
should be doing the current ratio should be more than one. On the same lines, the inventory
component in the current assets cannot be converted to liquid cash at a short time and therefore it
is removed when calculating the quick ration. In this case the number are 0.42 and 0.12
respectively, but still under one. Further, the cash ratio identifies how many times the current
debt of the organization is as opposed to the liquid cash in the organization once again stand
below one, with the numbers 0.24 and 0.01 respectively for Ramboda Falls PLC and The
Kingsbury Hotel. This indicates and only a faction of the current liabilities can be paid off by the
liquid cash available in the organizations in case of a bankruptcy.

An operation in a hotel is a day-to-day management and therefore it is very important to manage

the daily working capital requirements of the organization. In order to identify this the working
capital cycle is introduced where it measures the time taken to convert the net current assets and
the current liabilities of the organization into liquid cash (Working Capital Cycle: What is it?,
2022). The close to the number is to zero on a positive scale the quicker the conversion is and
therefore is able to manage the working capital requirements of the company better. When
looking at the three aspects of the working capital cycle the inventory days, the debtors days and
creditors days, Ramboda Falls PLC, has a inventory days of 29, debtors days of 97 and creditors
days of 401, which gave a working capital cycle of -275 days. Similarly, The Kingsbury Hotel
has a inventory days of 30, debtors days of 14 and a creditors days of 282, making the working
capital cycle of -238 days. This negative working capital cycle indicates that both organizations
has a massive amounts of trade payables to be paid off and therefore the working capital mostly
is used for that purpose and the money does not stay as liquid cash. From a management
perspective this is not good to be continued for the longer run and the necessary agreements with
the trade payables needs to be discussed and adjusted in order to have a much smoother process
of managing the working capital requirement of the organization.

Finally, when looking at the long er terms risks and the perspectives that the organizations can
provide to the shareholders, the debt ratio is calculated. The debt ratio identifies the total level of
debt in the organization as opposed to the total assets in the organization. The debt ratio in the
two entities were 0.18 and 0.64 respectively for, Ramboda Falls PLC and The Kingsbury Hotel,
which is less than one. It is a good sign that the level of debt is lower than the level of assets
whereby in a state of emergency of a liquidation, the debt or the total liabilities can be paid off
using the total assets of the organization. With the negative level of profits archived in the
financial year of 2020/2021 both the organization has a negative earnings per share which is at
LKR -1.20 and LKR -1.57 respectively for, Ramboda Falls PLC and The Kingsbury Hotel, and
there was no dividend paid for the shareholders in this year and thus the dividend per share is at
zero.

As per the above conducted financial analysis, both the companies have not performed at their
finest in the financial year of 2020/2021 and many operational matters can be improved in the
years to come. When looking at the selected organizations, the better decision would be to invest
in Ramboda Falls PLC purely looking at the financials as some aspects of the company was
better that The Kingsbury Hotel. Nevertheless, when looking at a holistic view The Kingsbury
Hotel looks the better option in terms of the expanding and the reputation it holds.

Banerjee, P. and Vaidya, D., 2022. Importance of Ratio Analysis. [online] WallStreetMojo.
Available at: <https://www.wallstreetmojo.com/importance-of-ratio-analysis/> [Accessed
2 May 2022].

The Kingsbury PLC, 2022. The Kingsbury PLC | Annual Report 2020/21. Annual Report
2020/21. [online] The Kingsbury PLC. Available at:
<https://www.thekingsburyhotel.com/wp-content/uploads/2021/06/The-Kingsbury-PLC-
Annual-Report-2020-2021-Final.pdf> [Accessed 2 May 2022].

Ramboda Falls PLC, 2022. Ramboda Falls PLC Annual Report 2020/2021. Annual Report
2020/2021. [online] Ramboda Falls PLC. Available at:
<https://www.rambodafalls.com/reports/Ramboda%20Annual%20Report
%202021%20Original.pdf> [Accessed 2 May 2022].
Task 02
Financing is one of the most important aspects for both the organizations and parties involved
and help move the financial needs for the companies into a positive light. All firms need
financing for all the type of activities such as purchasing of raw material, to purchasing of assets,
developing of products and services etc. There are many different types of financing available
for organizations and one of the most important breakdowns is the short-term financing which is
identified as the working capital financing and the long-term financing for the organizations. The
short-term financing or the working capital financing as the name implies is used for the working
capital requirements of the organisation (Boyte-White, 2022). These are inventory management
and related issues, day to day operational financing activities, trade payables and trade creditors
and management related issues, and all the other day to day activities. The short-term working
capital is very critical to the organizations as it makes sure that all the operational activities of
the organisation run smoothly and helps to meet to set targets at the beginning of the year
(Boyte-White, 2022). The proper management of the short-term working capital requirement of
the organization further helps to meet the financial obligations of the organization as well. When
looking at the long terms fund management of the organization, they are typically used for the
much longer-term projects associated with the entity. These can be the purchasing of assets and
machinery to the organization, spending in relation to the research and the development activities
for the entity, company expansions, acquisitions, mergers etc. and even activities such as cash
flow enhancement projects (Twin, 2022). It is very important to note that the management of
long-term financing needs to be done very carefully and the risk involved with the project is
much higher that usual. These projects require a very much high financial requirement and thus
making the risk associated much higher. One must make sure that the long-term financial
projects are gaining a profit over time before planning to invest in the same (Twin, 2022).

When looking at the different source of short-term funds, trade credit facilities, installment
credits facilities, easy bank loan facilities, Overdrafts, advances, factoring, and commercial
papers, are some of the most comms forms (Short Term Sources of Finance, 2022). While there
are advantages associated with the short-term facilities there are a few disadvantages too that
come along the way. Comparing with the long-term facilities, the short-term facilities are more
relaxed, and the approval process is not very much complicated. One can get approval for short
term facilities in hours or just days, whereas long term facilities might take months of
evaluations before the result. Also, when looking at the payback periods, they are very quick and
will be done in 12 or 18 months which is very much less risky (Wood, 2022). As mentioned
before the valuation process of short-term credit is very much lower in comparison with the
long-term facilities and thus requires less paperwork to be filled as well. As per much research
conducted it is identified that 50% of the new business venture do not make it pass five years and
therefore it is much less risky and feasible to invest in short term financing options rather than
looking for longer term’s facilities. Now looking at the disadvantages associated with the short-
term financing, one of the main is the high interest cost (Wood, 2022). As the risk associated
with the short-term financing is higher, it requires a higher cost and therefore increasing the
finance cost of the organization. With the many benefits comings with the short-term financing
this could turn in to a habit for the management. Therefore, the real issue of why short-term
finance arises may not be solved both rather a bandage would be put, and the financing will be
solved (The Top Pros and Cons of Short-Term Financing, 2022).

There are many sources which one can use for long term financing requirements such as capital
markets, special financial institutions, leasing facilities from organizations, institutional
investors, retailed earnings, bank loans and bond markets etc. There are many benefits of having
long term financing facilities and one of the main ones is the fact that a significant amount of
money can be obtained at one sitting (The advantages and disadvantages of the different sources
of finance - Sources of finance, 2022). Also, the long-term financing facilities can be easy to be
obtained with the correct paperwork filed in. If the company can offer the required collateral a
lower interest rate can be obtained as well. In a facility such as Hire purchasing considered for
long-term financing the company is able to be obtained significant assets with a much less risk.
But there are many disadvantages associated with the long-term project financing (The
advantages and disadvantages of the different sources of finance - Sources of finance, 2022).
With relation to the paperwork which is required to obtain the funding, many forms and
processors needs to be adhered to and just the submission of these might takes months and a few
more for the processing as well. On some occasions the full payment will not be released but
finances will only be released with the promise of showing the work on going. Some financing
opportunities will also have a higher cost and when using the retained earnings or the owner’s
capital there is a very high risk involved with the financing (Long Term Finance: Sources,
Advantages, And Disadvantages, 2022).
When looking at the two funding types mentioned by the board of directors of Penco, on
purchasing the stocks in both the organizations, Ramboda Falls PLC and The Kingsbury Hotel,
the following comments can be made (Short Term vs Long Term Investment - Which is better,
2022). The initial budget that was planned to invest was £2,000,000 in total, £1,000,000 each and
now the investment has gone up to £1,500,000 per company, which is £3,000,000 in total. With
the financial situation of both the companies, Penco cannot guarantee that the companies will
make a profit in the next financial year 2021/2022. The best way in that Penco can raise this
money for the investment would be through a bank loan, where the full amount can be obtained
at once and with the collateral of the shares kept a lower interest rate can also be obtained. Using
the reserves would not be advised as the risk of such an investment them become very high.
Further, in order to ensure that the risk is kept in the minimum possible level, it is advised only
to make the initial investment of £1,000,000 per each of the organizations, Ramboda Falls PLC
and The Kingsbury Hotel and then after which they earned a revenue and may be able to pay out
a certain dividend per share to invest in the balance £500,000. In this manner both the
organizations also have a reasoning to work hard and make sure all the issues in relation to the
financial are solved at the earliest possibility in order to get the balance of the investment. At this
stage majority of the second portion of the investment can be directly put towards the betterment
of the organization rather than trying to get out from the financial downturn dure to the COVID-
19 pandemic. In more short-term funding methodologies were used in the investment the cost
related to this would be much higher and the management of Penco will have to suffer in the
short term to ensure that the payments are made back. With the longer-term funding secured the
payments are divided across a period of time which will help in the repayments as well (Short
Term vs Long Term Investment - Which is better, 2022).

There is no reasonable champ here as both have their upsides and downsides. Transient venture
permits you to accomplish your monetary objectives inside a limited capacity to focus, a lower
risk. Then again, on the off chance that you have a more serious gamble hunger, needing better
yields, you can choose long haul speculation roads. To safeguard your capital and are content
with moderate returns then, at that point, pick transient ventures (Short Term vs Long Term
Investment - Which is better, 2022). However, on the off chance that your objective is better
yields, put resources into long haul speculation roads. Regardless your organization objectives
are, guarantee you set a timetable to accomplish every one of them, then, pick a venture system
that meets your special prerequisites, like anticipated returns and chance craving. Such a
methodology will demonstrate significant in your mission to adjust your ventures to meet present
moment and long-haul organization objectives (Short Term vs Long Term Investment - Which is
better, 2022).

Boyte-White, C., 2022. What can working capital be used for?. [online] Investopedia. Available
at: <https://www.investopedia.com/ask/answers/102315/what-can-working-capital-be-
used.asp> [Accessed 2 May 2022].

Twin, A., 2022. How Long-Term Investments Work. [online] Investopedia. Available at:
<https://www.investopedia.com/terms/l/longterminvestments.asp> [Accessed 2 May
2022].

Wood, M., 2022. The pros and cons of short-term debt. [online] Carbonite.com. Available at:
<https://www.carbonite.com/blog/article/2016/07/the-pros-and-cons-of-short-term-debt>
[Accessed 2 May 2022].

BBC Bitesize. 2022. The advantages and disadvantages of the different sources of finance -
Sources of finance. [online] Available at:
<https://www.bbc.co.uk/bitesize/guides/zj7yy9q/revision/2> [Accessed 2 May 2022].

Inc.com. 2022. The Top Pros and Cons of Short-Term Financing. [online] Available at:
<https://www.inc.com/jared-hecht/the-top-pros-cons-of-short-term-financing.html>
[Accessed 2 May 2022].

India Infoline. 2022. Short Term vs Long Term Investment - Which is better. [online] Available
at: <https://www.indiainfoline.com/knowledge-center/share-market/short-term-vs-long-
term-investment> [Accessed 2 May 2022].
Task 03
Critically discuss key concepts, features and importance of cost accounting
There are many different types of accounting systems in the word such as absorption costing,
historical costing, marginal costing, standard costing, activity-based costing etc. and all of these
costing belong in the cost accounting methodologies (Tuovila, 2022). In simple terms cost
accounting is the process and the practise of identifying all the different costs which can be
attributable for the production of a product or provision of a service. The cost accounting has to
take in to account the basic variable and the fixed cost when calculating the correct costing for a
product or a service. There are many features associated with cost accounting and it is more
commonly identified to be a part of the management accounting field (The Types of Costing in
Cost Accounting, 2022). The costing at the end of the cost accounting process identifies the total
cost included to provide the good or the service and then help the management in the decision-
making process related to the pricing of the goods and the services. The cost accounting process
is also very closely connected with the budget process of the organization and thus establishes
the standard costs and the budgets of the entity too. Cost accounting is very much helpful in the
process of ensuring effectiveness and efficiency within the costing pillar of the organizations and
thus helps to disclose any non-value adding activities or wastes of time or resources within the
organization (Cost accounting : Objectives & Importance, 2022). There are many characteristics
of the proper up to date cost accounting system such as correctness, elasticity, easiness, cost
effectiveness, comparability, promptness, ability to have periodical preparation of the costs,
ability to have the necessary reconciliation with the financial accounts and uniformity throughout
financial years (Cost accounting: Objectives & Importance, 2022).

There is much importance of having a systematic cost accounting system within an organization.
In the long run there are many types of costs that will be added on and having a cost accounting
system from the start helps to manage the different type of costs and even reduce some of them.
Further a cost accounting system helps to identify the different types of costs associated with the
organization and thus help in the identifying of unprofitable activities and help better manage the
costs (Cost Accounting: Definition, Characteristics, Objectives, Cost Accounting Cycle, 2022).
A cost management system helps in identifying the cost centers, revenue centers and the
investment centers for the organization and thus provide them with the necessary key
performance indicators for them. Cost accounting helps to control cost by using techniques like a
perpetual inventory system, ABC analysis, economics order quantity, etc. One of the most
important aspects of coat accounting is the ability to double check the accounts with the financial
accounting system. This will bring credibility to both the accounting systems and the company
will be able to help in the cost comparison processors and then help in the decision making of
cost cutting etc (Importance of Cost Accounting, 2022).

Evaluate the weaknesses in Exciteco's current budgeting system and whether it is suitable for the
environment in which Exciteco operates
Among the many different types of budgeting available in the world such as zero-based
budgeting, top-down budgeting and activity-based budgeting etc. the management of the
Exciteco operates with a basic incremental budget methodology. In simple terms an
incrementable budgeting is where, a new budget is creased based on very minute changes done
in the currently available budget adjusting for inflation, other costs increments and the sales
volume increments (Incremental Budgeting, 2022). In some financial experts’ opinions this is a
very lazy way of developing a budget as minimal efforts needs to put in place. But there could be
organization such as small grocery stores, beauty salon with less products and service and more
service based rather and manufacturing based which can benefit out of a incrementable based
budget system. Nevertheless, with a big operation such as Exciteco, with manufacturing of phone
and games, a use of an incrementable budgeting system could be problematic (Incremental
Budgeting, 2022).

One of the main reasons why an incremental budget will not work for the next year at Exciteco is
that the last year budget was not archived by the organization. If the last year results were poor
compared to the annual budget, and the incrementable budget for the next year was based on
that, the errors, miscalculations and the over or the understatements are getting passed down
without adjustments done accordingly. The appraisal of the financial performance of the
managers and the divisions are done based on the achievement of the budget and it does not do
fair to the hard-working employees of the organization. Further, it is said that some of the
manufacturing facilities, however, are shared between the two divisions, and an incrementable
budget will not be able to capture the true values for it based on the productions done for each
unit (What is Incremental Budgeting? Definition, Process, Advantages & Disadvantages, 2022).
As seen in the mobile division, the managers had failed to anticipate the high popularity of a new
smartphone model with the large scree for mobile games, and therefore the cost increased, and
the budget did not reflect this. If a zero-based budgeting system was used the managers will have
to think from the ground level and these operational aspects could have been adjusted. This
impacted the company more as a large quality of the incorrect size of the existing version was
ordered and these products have to be given under a heavy discount which impacts the revenue
line items of the budget too. In addition, the incremental budgeting process has many issues such
as promoting unnecessary spending as the costs are on an incremental basis and the real values of
the raw materials are not evaluated. This is similar to what happened with the issues relating to
the purchasing of silver. Even though an accurate forecast for demand was done based on the last
year, the actual sales volume was much lower. These impacted both the top line and the bottom
line of the organization. Based on these examples it is clear that an incremental budgeting is not
suitable in the environment in which Exciteco operates (What is Incremental Budgeting?
Definition, Process, Advantages & Disadvantages, 2022).

Evaluate the extent to which Exciteco's poor performance for the last year can be attributed to
external factors
While there could be many factors which might have contributed to the poor performance of
Exciteco in the last year some of the blame can be discussed and put for external factors. The
external factors can come at any time and there is very much less preparation that an company
can do to stop the harm done to the organization from these. Some organization can use different
risk mitigation factors such as insurance and in a situation such as COVID-19 pandemic many of
these risk mitigation techniques can be found obsolete.

At the start, anticipating a customer need that might arise during the year is hard to predict as the
customer need may also arise as a combination from different other external factors. If this is the
first time Exciteco is experiencing the higher customer demand of new smartphone model
incorporating a large screen designed for playing games, it is fait to consider it as an external
factor. But if the other players in the market have seen this trend rising in the past year a blame
needs to be shared both internally and externally. However, committing to manufacturing large
quantities of the existing version can be identified as a risky move, since a certain portion of
needs to keep for research and developed related products.
When looking at the case of Silver, it is clear that Exciteco was much aware of the fact that the
silver prices change according to worldwide supply and demand and a slight change in the
according to worldwide supply and demand could alter things heavily. Being a critical material
in the manufacture of Exciteco's products the company should keep close tabs on what is
happening with silver in the market and therefore most blame relating to this needs to be set as
an internal issue. Still there could be some event happening that might have changed thing
drastically that could fall into the external things as well. But there were few things that the
company could have done to ensure to resolve it. Entering into a hedging agreement with eh
silver suppliers could have easily avoided the higher payment of the silver and thus helping the
organization to keep the cost of the production much lower. Further, there seems to be
surprisingly less interdepartmental coordination which lead to more cost additions in here.

However, the external factors are continuing to the poor performance of the Exciteco company,
there seems to be multiple issues in relation to the internal issues in the organization as well.
These start with not having a suitable budgeting process, closing down and no reopening the
research and the development department of the organization, very less internal departmental
communication and sharing of resources, to name a few. These issues both internal and external
needs to get fixed immediately before the next financial cycle start if the objectives of the
organization, maximize shareholder wealth through innovation and continuous technological
improvement in its products, needs to be archived.

Discuss the potential benefits to Exciteco of analysing variances into planning and operational
elements
Being a manufacturing centered organization, having a variance analysis could help in many
ways to Exciteco cost accounting system. In simple terms variance analysis is the process of
calculating and analysing any differences in budgeted and actual performances in a selected time
period. This is a tool which will help to monitor and control the costs and other important
matrixes in the organization. However, one should not that variance analysis is a not a proactive
approach but a reactive solution to any issues that might have arisen in that financial period and
therefore constant monitoring is required with changes to get a financial gain from the analysis
(What is Variance Analysis, 2022).
Change investigation is utilized to evaluate the cost and amount of materials, work and upward
expenses. These numbers are accounted for to the executives. While it's not important to zero in
on each fluctuation, it turns into an it is remarkable to flag system when a difference. Along
these lines, the executives can depend on change investigation to assist with working on the
organization's general execution or interaction improvement convention. More critically, change
investigation assumes a huge part in navigation and how chiefs approach undertakings and
ventures. When performed accurately and reliably, it can assist with keeping groups on the
correct way to accomplish long haul business objectives. Be that as it may, numerous
organizations neglect to receive the rewards of fluctuation examination since it must be
performed reliably and immediately to work (Importance of Variance Analysis, 2022).

A significant kind of expectation is business determining. It utilizes examples of past business

information to develop a hypothesis about future execution. Difference information are set into
setting that permits an expert to recognize factors, for example, occasions or occasional changes
as the underlying driver of positive or negative fluctuations. For instance, the month-to-month
example of deals of TVs more than five years could recognize a positive deals pattern paving the
way to the start of the school year. Subsequently, conjectures for TV deals over the course of the
following a year could incorporate expanding stock by a specific rate - in view of verifiable deals
designs - a long time before the beginning of nearby colleges' fall term (Cross, 2022).

Annexure
Ramboda Falls (2020-2021) Kingsbury Hotel (2020 -
LKR 2021) LKR
Revenue 14 777,
,024,885.00 923,000.00
Cost of sales (11 (862,
,527,083.00) 849,000.00)
Gross Profit (84,
2,497,802.00 926,000.00)
Gross Profit Margin 18% -11%

Gross profit (84,

2,497,802.00 926,000.00)
Other Operating Income 34,
1,628,552.00 006,000.00
Operating cost (29 (830,
,987,007.00) 474,000.00)
Operating Profit (25 (881,
,860,653.00) 394,000.00)
Operating Profit Margin -184% -113%

Operating Profit (25 (881,

,860,653.00) 394,000.00)
Interest and Taxes 123,
1,765,808.00 200,000.00
Net Profit (24 (758,
,094,845.00) 194,000.00)
Net Profit Margin -172% -97%

Current Assets 240,

9,848,876.00 910,000.00
Current Liabilities 21 1,387,
,486,611.00 469,000.00
Current Ratio 0.46 0.17

Inventory 71,
904,865.00 931,000.00
Quick Ratio 0.42 0.12

Cash and Cash 13,

equivalents 5,205,791.00 571,000.00
Cash Ratio 0.24 0.01

Inventory 71,
904,865.00 931,000.00
Cost of goods sold 11 862,
,527,083.00 849,000.00
Inventory Days 29 30

Trade Debtors 29,

3,738,220.00 572,000.00
Revenue 14 777,
,024,885.00 923,000.00
Debtors Days 97 14

Trade Payables 12 667,

,648,839.00 110,000.00
Cost of Sales 11 862,
,527,083.00 849,000.00
Creditors days 401 282

Working Capital Cycle -275 -238

Total Liability 85 2,631,

,204,780.00 251,000.00
Total Assets 476 4,116,
,309,650.00 182,000.00
Debt Ratio 0.18 0.64

profit for the year (24 (758,

attributable to ordinary ,094,845.00) 194,000.00)
equity holders
 weighted average number 20 484,
of ordinary shares ,000,000.00 000,000.00
Earnings per share
(1.20) (1.57)

Total Dividend paid

- -
weighted average number 20 484,
of ordinary shares ,000,000.00 000,000.00
Dividend per share
- -

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