Case 2 for Advanced Corporate Finance - 1474 Words

â€Å"Case: Tianjin Plastics† Vrije Universiteit Amsterdam Course Advanced Corporate Finance Students Fatin Azear Jos Kusters Maaike van der Steen Case: Tianjin Plastics This assignment considers the case of Tianjin Plastics. Pat Johnson, project finance analyst for Maple Energy (U.S.-based international power plant developer), has to make a recommendation regarding the financial viability of the Tianjin Plastics power plant project in China. The recommendation would require a final evaluation of all financing options, as well as reaching contract closure with his joint venture partners, Tianjin Plastics and Chinese Ministry of Power Industry (MOPI). The joint venture would be split 49% Maple, 46% Tianjin Plastics, 5% MOPI, with†¦show more content†¦Also the tax holliday for the first 6 years and the free coal feedstock for the life of the power plant lowers this risk. A very critical in this project is that the Chinese government does not allow registered capital, the equity capital initially invested under the agreements of the project, to be repatriated. This means that Maple can only return profits and dividend to the parent company. If there aren’t much profits to be expected, Maple faces the risk of not getting a healthy return. The only potential source of earnings from the Tianjin Plastic project are the 49% share of the net profits and dividends.quantifyen. The expected return (IRR) of the project for Maple Energy is 22%. Summary assumptions WACC Maple s cost of equity (hurdle rate) 18,00% Equity 16,50 E+D 110,00 Debt 93,50 Rd (weighted cost of capital) 8,26% Taxrate in first 6 years 0% Taxrate after first 6 years 40% WACC (first 6 years) 9,72% WACC (after 6 years) 6,91% Rd borrow locally 13,00% WACC borrow locally (first 6 years) 13,75% WACC borrow locally (after 6 years) 9,33% Scenario base case: Since the government restricted the registered capital, Maple would not be able to get the equity capital initially invested under the agreement of the project to be repatriated. Since Maple had always been able to repatriate a large part if not all of its capital invested in a power plant project, they started looking for a solution. TheShow MoreRelatedFinancial Management: Theory and Practice1399 Words   |  6 PagesLecturer- Financial Mgt. studies Office Hours [WBW4.15]: Thursdays 4-6pm A few words on the AAFM MSc†¦ Themes: Accounting Theory, Financial Accounting, Valuation, Corporate Governance, Financial Management Markets, Behavioural Finance Structure: Taught modules (term 1 2) + Dissertation (term 3) KCL Keats, KCL e-resources and QAs 2 Learning Objectives †¢ Main objectives – To develop robust foundations in financial management theory and practice – To understand the role of financial managersRead MoreThe Disadvantages of the Sarbanes-Oxley Act of 2002712 Words   |  3 Pagesand Exchange Commission (SEC). Besides the hundreds and in some cases, thousands of hours that companies invested in getting these initial statements of compliance filed, there was still widespread fraud occurring in publically-held companies begin regulated by the SOX Act (Hemphill, 2005). Unethical companies were able to time their reporting and also devise methods of reporting that still shielded their unethical accounting and finance practices, which made the initial efforts at SOX compliance mediocreRead Moreintermediate accounting 2 test bank Essay8318 Words   |  34 Pagessolutionsmanualzone@gmail.com. If you could not find the book you are looking for, please let us know, we might be able to help. Thanks a lot Solution Manuals and Test Banks Update List: 2010 Corporate, Partnership, Estate, and Gift Tax with HR Block TaxCut Pratt 4 2010 Federal Taxation with HR Block TaxCut Pratt 4 2011 Corporate, Partnership, Estate and Gift Taxation Pratt 5 2011 Individual Taxation Pratt 5 A Framework For Marketing Management Keller 4 A Survey of Mathematics with Applications Angel 8 Read MoreSurecut Shears, Inc.672 Words   |  3 PagesCase # 2 SureCut Shears, Inc. Applied Corporate Finance 1. 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In his articleRead MoreEssay on Overview of the Recent Financial Crisis in the US1468 Words   |  6 Pagesresponsibilities for financial crisis are searched so that the role of corporate governance and financial engineering is set on the spotlight. The financial crisis has been said to be a case of financial engineering and corporate governance gone wrong. In this paper I will discuss this statement and demonstrate that wrong financial engineering practice and corporate governance effectively caused, or at least in part, the financial crisis. 2. 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Essay on Symbolism in Kafkas Metamorphosis - 903 Words

Symbolism in Franz Kafkas The Metamorphosis Kafka uses symbolism in his short story, Metamorphosis. He uses this technique to make the reader try and figure out what was going on in his head. He brought out in this story many things about his life, including his father/family, love life, and his future. He used metaphors to show his love for people in his life. This story is autobiographical about the forces that control Franz Kafkas life. In this paper I will explain how Kafka relates his life to the readers through the story in Metamorphosis. Franz Kafka had trouble at home with his father. His father wanted him to become a lawyer, but Franz did not want to be a lawyer, he wanted to be a writer.†¦show more content†¦Gregor?s becoming an insect symbolizes the changes in Kafka?s life from being a slave to his father and doing everything that his father wanted him to do (for instance being a lawyer) to doing nothing at all. Gregor?s death symbolized that Kafka had failed to communicate with his family. They thought of him as an insect, and he too thought that he was an insect, because he was looking at himself through their eyes. Through his family?s eyes they saw Gregor as an insect. He wished that they could love him for his true self, even though he was in the form of an insect. If Gregor was able to be accepted as a insect, by his family then maybe he would have been able to metamorphosis back into a human. They could not except him he was different than them and people are afraid of change and someone who is different. Same thing with Franz, writers were unknown to the Kafka family in a way almost bug like or alien to them. They could not handle the change. Gregor could not be accepted or understood by the ones that need to understand him most. He died from a lack of love and respect from his family, the ones whom he needed love from the most. Franz was hurt from being considered an outsider by his family. Both Franz and Gregor both did not get the love or a understanding from their fathers that they needed. They never had any love or understanding from their arrogant fathers. Kafka had many otherShow MoreRelatedAnalysis Of Franz Kafka s The Metamorphosis 3979 Words   |  16 PagesAustin Day Professor Imali Abala English 357 18 February 2015 The Theme of Alienation in Franz Kafka’s The Metamorphosis The Metamorphosis written by Franz Kafka in 1915 is said to be one of the greatest literary works of all time and is seen as one of Kafka’s best and most popular works of literature. A relatively short novel; the story explains how the protagonist, Gregor Samsa wakes up one morning to find himself transformed into a vermin which completely estranges him from the world even moreRead MoreThe Metamorphosis By Franz Kafka1872 Words   |  8 PagesThe Metamorphosis: Reappraised The novella The Metamorphosis by Franz Kafka was first published in 1915. This novella shows the degree of loyalty a family has to even their own family members; this case being Gregor Samsa, his mother, his father, and his sister Grete Samsa. Upon reading the novella, it becomes evident that Gregor’s care for his family is pure and genuine, which, throughout the short story, leaves a small feeling of melancholy due to the fact that the family never really returnedRead MoreAbsurdity Between Kafka and Camus4307 Words   |  18 PagesThis paper seeks to compare and contrast the philosophical views of two great philosophers, namely Albert Camus and Franz Kafka. The works involved in this argument are Kafkas The Metamorphosis and Camus The Outsider. The chief concern of both writers is to find a kind of solution to the predicament of modern man and his conflict with machines and scientific theories. Death, freedom, truth and identity are themes to be studies here in the sense of absurdity.    Kafka was born in Prague in 1883.Read MoreSymbolic Similarities in The Shunammite and The Metamorphosis2786 Words   |  12 PagesHelthall 1 Travis Helthall Professor Rich Carpenter ENGL102-09 English Composition II May 8, 2012 Symbolic Similarities Research Paper The definition of metamorphosis as told by the Merriam-Webster dictionary is as follows â€Å"a marked and more or less abrupt developmental change in the form or structure of an animal (as a butterfly or a frog) occurring subsequent to birth or hatching.† (1) Whereas the Shunammite is just a woman hailing from Shumen, although the name is more so known for the biblical

Flannery o conners writings Free Essays

Writings For readers why are not familiar with Flannels O’ Connors writings, they tend give the reader emotional devastation because If all the gothic elements such as the violence and the messed up religious elements. The short stories that she creates give off an uncongenial feeling and possesses the readers feelings towards the stories. Many of these stones have both violence and religious aspects to them. We will write a custom essay sample on Flannery o conners writings or any similar topic only for you Order Now Fate plays a big role In the stories climaxes. Either the mall character or the antagonists encounter what seems to be fate and start off violent but end up as If they saw the errors of their ways or felt as of a higher power has accepted them. In the end of AGAINST the characters encounter the misogynist right after they crash. They meet him by fate. Fate is not always a good thing. Later on the violence in the story happens when the whole family is murdered by them. The antagonist in this story understands that what he did is not right and he can act as a Christ figure because he brought the thoughts of people out of them as if they were confessing something to him. In The Circle in the Fire the antagonists violently burn down everything around the barn, and then danced around it as if they felt like they needed to do and if a higher power has accepted them. The impact her endings give off are disastrous and thought provoking leaving the reader in awe. How to cite Flannery o conners writings, Papers