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International Corporate and Finance

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Added on  2023/01/10

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This document discusses the concept of international corporate finance and its relevance in today's global business environment. It explores the options available to Angle Electronics for expanding its business in India or Poland and provides recommendations based on financial viability analysis. The document also includes a sensitivity analysis to assess the impact of uncertainty on the investment decisions.

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INTERNATIONAL
CORPORATE AND FINANCE

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TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
ANGLE ELECTRONICS................................................................................................................1
a) Option to consider by the Angle Electronics from the two options. .......................................1
b) Purchasing business either in India or Poland.........................................................................3
c) Issues and Considerations related to methods of funding........................................................9
d) Potential benefits and cost savings that could accrue............................................................10
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13
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INTRODUCTION
Corporate finance is the area of finance dealing with funding sources, capital structures of
the corporations, actions of the managers taken for increasing value of firm to shareholders and
tools and techniques used for allocation of the financial resources. International finance also
referred as international monetary economic is branch of the financial economics that is
concerned broadly with the monetary and macroeconomic interrelation between more than two
countries. Present report will reveals about the Angle Electronics which is a manufacturing
business selling range of electronic products. Majority part of the business is from UK but has
significant level of sales by exports through websites. Sales are directed towards retail customers
and some of the wholesale outlets. Company is proposing to set up manufacturing units in
various parts of world that are Australia and Malaysia. For the establishments company is first
planning to expand its distribution capacity for expansion by considering two option that are
India and Poland. Company wants to make investments in the most viable options.
ANGLE ELECTRONICS
a) Option to consider by the Angle Electronics from the two options.
Companies find it appealing to extend the business overseas. Company by selling the
products internationally in huge markets maximise their profits and sale, gain brand recognition
reducing risks of operating in single market. Business in proposing to expand the business has to
decide the country which is beneficial for expansion. List of different countries should be
prepared and analysing the benefits and limitations of the country are to be identified. Identifying
the demand of the products in each country, political and economic stability and the other factors
influencing the business are to be analysed (Hawbaker, 2018). It has to research on inflation
rates, growth rate and GDP, purchasing power of the people, licensing and exports rules of the
country company is proposing to operate in. Once selecting company is required to analyse the
time which is best for entrance after carefully evaluating the business environment of the
country. Time where there is highest probability of sales should be entered. Organisation then
have to decide about the scale of entry as it is crucial factor. This requires the company to give
important attention as signifiant amount of funds are installed and the failure of business may
affect the existing business of the company. Company is required to find the methods through
which it will be entering in the market.
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Angle Electronics proposing to expand the business in India and Australia is first
proposing to expand the distribution channel. Company could go for joint venture in England or
Poland whichever is more suitable options. Joint venturing is a successful expansion strategy hat
is considered by most of the companies for protecting the impact of investments over the existing
business of company. Joint venture refers to forming new business by pooling the resources of
two or more companies. Joint venturing with the local business will provide the company with
all the information and trends of the market that will help the company to establish its business
successfully (Fujiwara, 2019). Joint ventures share their knowledge and resources for promoting
their business. This cuts the investment cost to half of the company. Risks and uncertainties
associated with the business are shared between the venture companies. It could promote its
business over the social platforms for increasing the sales of the products and services. This will
also increasing the brand recognition and awareness among the people of the new company. It
will enable the company to maximise its profits and revenues. The option of joint venture will
have higher returns at lower risks.
It could also adopt for agency services for expanding the distribution channels. This
could be established on contractual basis agency will be providing the products and services to
the markets of country. Sales and orders could be managed online by the company (Guo, 2019).
This will save considerable amount of investments of the company reducing the risks of failure
as the product will be distributed as per demand. Agency business is highly promoted for
expansion of the distribution channels by the corporations. In this system Angle Electronics may
hire a company in India or Poland as its agent for making the distribution of its product in the
local markets of the country. It could be made on commission. It will not require the company to
establish a business in entirety overseas investing funds. It will enable the company to analyse
the local markets of India or Poland whether the products are getting acceptance of the customer.
On getting required demand company can make plans for establishing business units in Country
this will save funds as well as help company in analysing the market.
Company can also enter the market through acquisition of small companies of the
country in which it is proposing to extend its business. Acquisition refers to purchase of one
company by other for gaining significant controlling of the company. This could be acquired by
payment of cash for the assets and liabilities or it can also purchase significant shares of the
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company to get over the control. Angle Electronics can use this option for entering into the
foreign markets.
This strategy is used by number of companies to enter into new markets. Angle
Electronics by acquisition of company from India or Poland can have access to the local markets
of the country. Products and service of Angle electronics could be delivered by the acquiree
company. The risks and rewards associated with the company are restricted over the company
which has been acquired. It does not significantly impacts the parent company if the operations
are failed or products do not get market acceptance (Alkaraan, 2017). However this is an
expensive process for the company as it involves significant funds to purchase a well established
company. Angle electronics would be having controlling interest therefore will be required to
manage the operations appropriately.
Recommendations.
There are number of options available to the company through which it could enter into
the new markets. Entrance to the new market should be made after appropriately analysing all
the options and the most appropriate option should be chosen by the company. As it is entering
into new markets joint ventures would prove to be most beneficial for the company. The joint
venture form of business to enter in new markets will reduce the risks associated with business.
Joint venture have knowledge and experience in the field of business of their region. This would
enable the company to understand the market base for expanding its business in India or Poland.
b) Purchasing business either in India or Poland
I) Comparable financial viability of the businesses.
Company before investing is required to analyse the financial viability of the investments
projects. Significant funds of the company are involved in the project for extending its
distribution channels to India or Poland. In depth analysis is required to be made by Angle
electronics of the two countries in order to expand the business. Analysis will be made regarding
the political environment, economic environment regarding the inflation rates, interest rates,
purchasing power the country, growth rate and such other factors that could affect the business
operations. Cash flows will be evaluated by the enterprise considering the economic
environment.
Angle Electronics
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Capital Investments Appraisal techniques have been used for analysing the viability of
investments. Capital Investment appraisal techniques enable the experts to identify the
profitability of investments and the period within which the cost of investments will be
recovered.
Net Present Value
Net Present Value is an approach used by the business for assessing the viability of
investments (Bader, Al-Nawaiseh and Nawaiseh, 2018). It ensures that project is profitable for
the company and the future cash flows are enough for recovering the cost of investments.
Computation of NPV Computation of NPV
INDIA POLAND
Year
Cash
inflows
PV factor
@ 15%
Discounte
d cash
inflows Year
Cash
inflows
PV factor
@ 15%
Discounte
d cash
inflows
1 8000 0.870 6956.52 1 230 0.870 200
2 10000 0.756 7561 2 270 0.756 204
3 12000 0.658 7890 3 290 0.658 191
4 13000 0.572 7433 4 210 0.572 120
5 15000 0.497 7458 5 230 0.497 114
Total
discounted
cash inflow 37299
Total
discounted
cash
inflow 829
Initial
investment 25000
Initial
investment 1000
NPV
(Total
discounted
cash
inflows -
initial
investment
) 12299
NPV
(Total
discounted
cash
inflows -
initial
investmen
t) -171
Foreign Exchange Poland India
£1.00 5.00 PLN 100.00 INR
Investment 1000 PLN 25000 INR
NPV -171 PLN 17746 INR
In £ -34.2 177.46
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Analysis
From the above analysis it could be found that cash flows from the cash flows from
investments in India give positive NPV where the investment in Poland has negative NPV.
Project with positive NPV is considered for investment as the future cash flows generated by the
company are able to cover the initial cost of investment (Kim, Lee and Lee, 2017). Project
which is not able to cover the cost of investment is not profitable and may cause company to
suffer losses. It could be analysed from the NPV that India will be profitable as cash flows from
Poland are giving negative which means company will not be able to cover its investment costs
from the future cash flows.
Internal Rate of Return
Internal Rate of return refers to metric used for assessing the profitability of capital
investments in capital budgeting. IRR is a discount rate which makes net present value of the
cash flows proposed project equals to zero. The project requires the IRR to be adequate where
cash flows are able to recover the cost and leave adequate amount of profits with the company.
Computation of IRR
INDIA POLAND
Year
Cash
inflows Year
Cash
inflows
0 -25000 0 -1000
1 8000 1 230
2 10000 2 270
3 12000 3 290
4 13000 4 210
5 15000 5 230
Internal
rate of
return
(IRR) 32%
Internal
rate of
return
(IRR) 7%
Analysis -
From the above analysis it could be found that the Internal rate of return from the cash
flows generated from investment in India is 32%. the IRR is high which means project will be
providing adequate returns to the investors and is considered profitable. On the other project of
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Poland is having IRR of 7% which is very low. The return rate is very low and the company will
not be able to recover its costs with this rate (Ayodele, 2019). Company should investment make
investment in India as the IRR is higher as compared with Poland.
Payback Period
Payback period is an investments appraisal technique which is used for assessing the
length of time within which the investments will be recovered. The technique is used for
measuring the break even point after which the company will be able to generate profits over the
project.
Computation of Payback period Computation of Payback period
INDIA POLAND
Year
Cash
inflows
Cumulative
cash
inflows Year
Cash
inflows
Cumulative
cash
inflows
1 8000 8000 1 230 230
2 10000 18000 2 270 500
3 12000 30000 3 290 790
4 13000 43000 4 210 1000
5 15000 58000 5 230 1230
Initial
investment 25000 INR
Initial
investment 1000 PLN
Payback
period 2
Payback
period 2
-0.4 0.7
Payback
period
1 year and
8 months
Payback
period
2 year and
7 months
Analysis
As per investments appraisal approach project is considered profitable which has shorter
payback period. In the present case payback period of investment in India is 1 year & 8 month
and where the payback of investment in Poland is 2 years and 7 months. It could be seen project
in India is having shorter payback period which means the cost of project will be recovered faster
in India as compared with Poland (Hicks, 2017). By investing in India Angle electronics will be
earning profits after reaching the break even point.
Recommendations
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The above outcomes shows that the investments in India is more beneficial for the
company. Investment in India has higher NPV of the future cash flows as the growth rate is
higher in India as compared with Poland. This will add higher value to the investments. Positive
NPV reveals that the business is profitable and company will be able to recover the cost of initial
investments and earn reasonable profits. Also the payback period of the project is shorter which
will drive economic benefits faster. The cash flows generated from investments in India are
higher and are adequate for covering the cost of investment. This shows that Angle Electronics
should invest its fund in India for expanding its distribution channels.
ii) Sensitivity of the calculations
Sensitivity analysis refers to study on how uncertainty in output of mathematical system
or model could be allocated or divided to the different sources of the uncertainty in the inputs. It
is also used for financial analysis and stimulation analysis. It could be given for predicting the
outcome of decisions given over certain range of the variables.
Original capital outlay
The capital outlay of the business is required for starting and setting up the business
outside. In the present case Angle electronics is planning to expand its business to India or
Poland. Initial capital outlay proposed in the two case is different. Initial capital outlay in Poland
is 1000 million. Initial capital outlay may have to be increased depending on the inflation and
growth rate (Haynes and Grensing, 2016). Economic environment of Poland is not stable and
fluctuation due to market environment are high affecting the operations of business. Outlay in
India is of 25000 million. For preventing the risks of capital outlays it should keep the reserves
of additional funds.
Projected Cash Flows
Cash flows are determined as per the current market trends in the two countries. The sales
of products is highly influenced by the market forces. The inflation rate in India is currently
10% where it could fall to 6% as per the norms of IMF due to slow economic phase. Rise in
interest rates may not fall the inflation rate with the same proportion. It will affect the purchasing
power affecting the cash flows. Rise in interest rates also affects the economy. On the other
inflation rate is 1% which is very low. The stable inflation rate may not provide the business with
the opportunities to get the required growth in cash flows. The cash inflows are highly based
over market influences which could affect the estimates of the project (Hicks, 2017, July). It has
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to prepare the strategies for maintaining the cash flows even in lower growth and adverse
scenarios in the countries. Profitability of the project will be at question if the required cash
flows are not achieved.
Projected Future exchange rates.
Currency exchange rates are estimated using the concept of Purchasing power parity.
Currency exchange rates fluctuate everyday depending on the international demand and supply.
It is also dependent on the products and services traded by the countries. British pound is heavier
than Polish Zloty and Indian rupees. There could be significant fluctuations seen in the currency
exchange rates of the countries. Indian currency is seen as significantly fluctuating and the
estimates of future exchange rates may be more higher which would could cause company to
book losses over the currency exchange rates. The initial capital outlays may be hedged against
the currency rates fluctuations.
iii) Other relevant issues to be decided regarding the purchase of either business.
Before the Angle electronics proposes to expand over other regions there are different
areas that are required to be considered by the organisation. Business expansion is a big decision
that is required to be analysed by the management of the company over all the sectors hat could
influence the business. Internal and external factors are required to be considered by the
organisation before expanding the business.
Company has to consider the political influences in the countries in which its is planning
to expand its business. Government policies for foreign companies are liberal in India as it
attracts foreign companies to invest. Company can gain tax holidays, subsidies and other benefits
that might help the organisation to grow in market. Government policies are same in Poland for
foreign companies and do not provide tax benefits (Zhang and Warner, 2017). Government
policies and regulations have direct influence over the functioning of the organisation. It has to
consider the tariff rates and other licensing cost for operating business in countries.
Inflation rates affect the demand and supply forces in the market and are therefore
required to be considered effectively. Inflation rates are higher in India as compared with Poland
which is more beneficial for the company. It reflects the growth opportunities healthy inflation
are beneficial for the organisation. In Poland inflation rate is very low that have lower growth
opportunities. Business requires to consider that the economic environment is in favourable
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condition to the market. Purchasing power of the people influence the demand of the product
therefore it has to analyse the purchasing power in economy of both countries.
Recommendations
Fluctuations in the exchange rates are to be considered, as the exchange rate profit or loss
are required to be recorded by the business. Exchange rate fluctuations could affect the business
hardly over larger transactions therefore are required to be considered. It has to analyse the
currencies having higher fluctuations as it may require to hedge the transaction against foreign
exchange fluctuations. Political intervention is quite high in Indian market which requires higher
number of compliance procedures to be followed. Economy of India is under developing stage
which means every change in the economy would be directly impacting the Angle Electronics.
Inflation rates are high in India due to developing economy which means the cash flows could
rise even higher with the growth of economy. Angle electronics can excel in Indian markets by
complying with the rules and hedging the funds against fluctuations.
c) Issues and Considerations related to methods of funding.
At the present times there are number of sources available for funding the operations of
company for further expansions. Angle electronics is required to assess the different sources that
could be used for funding the expansion of company. There are issues and considerations to be
kept in mind by the company before choosing the sources of funds.
Equity Share Capital
It is the most commonly used source of raising funds by companies. It refers to offering
shares of company to the public for purchasing the share in ownership at a specified price. In
equity capital shareholders are given sharing in ownership of company. Company is required to
share the profits between the shareholders in proportion to their holdings (Alden and Nariswari,
2017). Angle electronics would not be having any specific obligation for making fixed amount of
payments every year. However company is required to maintain required rate of return as
expected by the shareholders for increasing the wealth of shareholders. It is challenging on new
business and are prices are influenced by the market and performance of company.
Debt Securities
It is another source of financing where company could raise capital by borrowing from
the public. The debt securities are issued in the form of debentures or bonds. These debentures
are issued over a fixed coupon rate to be paid by the company every year irrespective of profits
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or losses suffered by company. Debentures are to be redeemed after a fixed period either at par
or premium. It is beneficial source of capital as company is allowed tax benefits and it also
reduced the overall cost of capital of firm. However debenture holders do not have controlling
power nor profits are shared with them.
Venture Capitalists
Companies for expanding their business overseas are using venture capitalist for
investing funds in their projects. Venture capitalist are individuals or group of individuals with
high net worth who make investments in the companies and projects that have growth potentials.
It also helps the company in facilitating investments with angel investors (Jensen and
Zámborský, 2018). Venture capitalist exercise their control in the operations of the company and
decision making. It could interrupt the decision making process with different thoughts and
views. However they are specialised and experienced individuals that can provide effective
guidance to company for promoting growth and achieving the desired goals and objectives.
Recommendations
Analysing the organisation structure of Angle electronics it could be seen that raising he
capital through venture capital will be beneficial. It will provide the company with expertise
knowledge and guidance for expanding its business. They will also share the risks and rewards
associated with the business. Raising funds through equity capital will increase the cost of capital
and they are highly influenced by market forces. Angle electronics by raising funds through
venture capital will have access over larger market share and higher possibilities of being
successful in the new markets.
d) Potential benefits and cost savings that could accrue
i) Multinational Financial System
International financial system is management of the finance in international business.
International financial systems help the organisation in connecting with the international dealings
between overseas customers, business partners, suppliers etc. In comparison with domestic
markets the shape & analytics of international markets is different. Proper management of the
international finances helps organisations to achieve efficiency & effectiveness in the markets
(Bartsch, 2019). Main reasons for investing capital in foreign markets is due to increased
efficiency of production, ease of raw materials, diversification and broadening the market or for
earning more higher returns.
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Financial management is concerned with making optimum financial decisions that
pertains to investments, dividend policy, capital structure and the working capital management
with view of achieving corporate objectives. International financial function is having mainly
two functions control and treasury. Company has to manage the financial planning analysis,
investment financing, investment decisions, cash management and the risk management. It also
undertake the functions related with tax planning, external reporting, management information
system, budgetary planning& control. Financial & management accounting and accounts
receivable. Companies are required to take analytical decisions analysing the factors influencing
capital structure of company for minimising cost of capital finance and maximising return from
investments. Multinational financial systems is multidisciplinary in the nature and having the
understanding of the economic principles and theories necessary for estimating and modelling
financial decision and management accounting which helps in managing finance at the
multinational level.
Corporate tax rate of Poland is 19% which is levied over corporate income. Standard rate
of CIT is 9% and small taxpayers have to pay lower 9% tax of CIT. On the other tax rate of India
as reduced from 25% to 15% for new manufacturing companies. Even after including cess and
surcharge tax rates are still lower than Poland (Di Mascio and et.al., 2017). The international
financial benefits are more in Indian market for company.
Transfer pricing refers to taxation and accounting practice which is used for pricing the
transactions internationally in the business and among the subsidiaries operating under common
control or the ownership. Practice of transfer pricing extends transactions of cross borders and of
domestic ones. Transfer prices are used for determining cost to be charged to other divisions,
subsidiaries or the holding company for the services rendered (Motylska-Kuzma, 2016).
Multinational firms are permitted legally for using transfer pricing methods to allocate the
earnings between various subsidiaries and affiliating companies which belongs to parent
organisation.
Charging below or above market prices firms could use the transfer pricing for
transferring profits as well as costs to other departments internally for reducing the tax burden.
There are tax authorities with strong rules related to transfer pricing for preventing companies to
use transfer pricing for tax avoidance.
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ii) Role and Limitation of Treasury centralisation in enabling company to benefit from
Multinational Financial System.
Role of Treasury centralisation
There are number of reason due to which the organisations decide of centralising treasury
operations that typically includes cash management, foreign exchange and financing investment
including strategic management and routine activities.
Treasury centralisation helps the Angle Electronics to identify its risks and financial
liquidity. Keeping overall record of cash position helps the business in timely exposure of risks.
It enables the company to make important decisions related to international monetary financial
system. After obtaining global views of company's cash position it could act over information for
optimising liquidity of firm. Credits is becoming expensive nowadays and is not readily available
(Basnyat, and et.al., 2018). Centralisation helps to access capital instead of relying over external
borrowings. It provides company with alternatives to seek the funding methods that are less
expensive and could benefit the organisation. Also, treasury centralisation enables company to
forecasts by combining all the information that is derived from systems allowing users across
company to feed data by common channel of demand. Companies cold more effectively forecast
about the financial planning and liquidity for deriving the benefits from international monetary
systems.
Limitation of Treasury Centralisation
Treasury centralisation destroy individual initiatives. Single person is not given the
authority of using judgement even where they are seeing lacunae in decisions. Subordinates
involves is reduced and are not involved in decision making and are required to follow the
directions. The operations under centralisation system becomes lengthy and the process of
decision making becomes time making (Katabi, and Dimoso, 2018). The cost of setting and
operating the centralised treasury system is very high for company. On losing security there is
great extent of risk involved in the company. The access of entire data will be broken on cyber
hacks which could lead to major financial crisis for firm.
Recommendations
Centralising the treasury system is advantageous for the company. This allows the
company to access the financial information from everywhere around the world. By
centralisation of the treasury system Angle electronics would be able to access the treasury of
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business going in India from UK. This will enable company in effectively monitoring the
operations of business and to ensure that resources are employed over productive activities.
Centralisation of treasury will provide effective control over the business and information of the
entire business would be available at single point. Therefore, the Angle electronics should
centralise its treasury operations so that all the information is available at single point.
CONCLUSION
From the above study and research it could be evaluated that for expanding is distribution
channels Angle Electronics should adopt Indian Market. The assessment shows that Indian
market is having more growth opportunities and success factors. Factors such as political and
economic stability is less in Indian market but is favourable for achieving the objectives of
business. Inflation rate is higher in India and also the investments appraisal techniques are giving
positive results in favour of India. Company will be required to manage the financial risks for
effectively running the operations of business. For expansion plan venture capital would prove to
be most beneficial as resources and expertise is shared for achieving the common objective.
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Kim, K.T., Lee, J.S. and Lee, S.Y., 2017. The effects of supply chain fairness and the buyer’s
power sources on the innovation performance of the supplier: A mediating role of social
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