Nism x b - Investment Adviser Level 2 - Case Studies

NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES About PASS4SURE.in PASS4SURE is a professional online practice test bank for various NSE NCFM, NISM and BSE exams. The team behind PASS4SURE has decades of experience in the financial and stock markets and have succeeded in preparing practice question bank which will help not only to pass the exams easily but also get good knowledge of the subject. Our online mock exams contain questions which are carefully analysed by the experts and have a high probability of being asked in the exams. Thus all PASS4SURE questions are highly valued and contribute to an almost 100% success rate. We do not believe in offering you thousands of questions but most important 400 – 500 practice questions and answers. PASS4SURE understands that time and money is valuable for our students, so we regularly update all our exams. The old questions are deleted and new important questions are added. Our LAST DAY REVISION test are on the spot. This is done to ensure that the students learns what is most important and pass the exams. You do not have to try again and again wasting time and money. Our simple aim is to simplify the NCFM, NISM and BSE exams. ALL THE BEST. IMPORTANT – The viewing rights for this downloaded Question Bank will automatically expire after 60 days from the date of purchase. TEST DETAILS – The NISM Series XB – Investment Adviser Certification (Level 2) exam is a 100 mark exam with 60% as passing marks. The question paper will consist of 36 multiple choice questions of 1 mark each and 8 Case Studies having 4 multiple choice questions of 2 marks each ( A total of 36 + 32 = 68 questions). There is 0.25% negative marking. The time duration is 120 Minutes. All Rights Reserved. No Part of this documents may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior written permission from PASS4SURE.in. For any clarification regarding this document or if you feel there are errors in the question bank, please write us at [email protected] NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. 1 Mr. Darshan is employed in a private firm and earns Rs 8 lakhs per year. Out of this he spends Rs 7 lakhs per year. His stock broker has recommended an investment which promises a return of 13%. He plans to invest Rs 40,000 in this and for this he will need a leverage of 1.5 to finance the investment. He can borrow at 9% pa. He has life insurance policies of Rs 35 lakhs. He has an outstanding housing loan of Rs 30 lakhs. His other assets, excluding his residential house are worth Rs 90 lakhs. He also has investments in other sources and he expects his investments to grow at 9% over the long term. The inflation rate is likely to be around 7.5%. Mr. Darshan is currently of 42 years and wishes to retire at 60 and his life expectancy is 70 years. Q 1.1 – If Mr. Darshan implements his plan of investments using leveraged money for the new investment, what will be his return on equity ? 1. 2. 3. 4. 16% 19% 20% 22% 000 / 2. Rs 5200 On borrowed funds of Rs 24000 he will pay 9% ie. On the total new investment of Rs 40000.5X will be the borrowed money ( 1.000. ( Note: we multiply the answer by 100 to convert the decimal factor into Percentage %) .5 leverage ) X + 1.000 X = Rs 40.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Answer : 19% Explanation : He plans to invest Rs 40. Rs 2160 So his net income will be Rs 3040 ( 5200 – 2160 ) So on his investment of Rs 16000 (own funds).5 X = Rs 16000 So Rs 16000 will be his funds and Rs 24000 ( 40000 – 16000) will be borrowed funds. ( 3040 / 16000 ) x 100 = 19. If ‘X’ is his investment then 1.000 2.5 X = Rs 40. he has earned Rs 3040 which is 19% return.5 X = Rs 40. he will receive 13% return ie. He has an outstanding housing loan of Rs 30 lakhs. His stock broker has recommended an investment which promises a return of 13%. Out of this he spends Rs 7 lakhs per year. is now offering only 9% return.5 to finance the investment. Darshan is currently of 42 years and wishes to retire at 60 and his life expectancy is 70 years. Q 1. What will be his returns now ? 1.5%.000 in this and for this he will need a leverage of 1.The company in which Mr. Darshan is employed in a private firm and earns Rs 8 lakhs per year. He also has investments in other sources and he expects his investments to grow at 9% over the long term. excluding his residential house are worth Rs 90 lakhs. 0% 6% 9% 9. He can borrow at 9% pa. His other assets. Mr. The inflation rate is likely to be around 7. He plans to invest Rs 40. He has life insurance policies of Rs 35 lakhs. Darshan was planning to invest on the basis of his stock brokers recommendation and in which he would have got 13% return.6% . 2.2 .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. 4. 3. 000 he will now receive 9% ie Rs 3600 On borrowed funds of Rs 24000 he pays 9% ie.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : 9% Explanation : On his total investments of Rs 40. Rs 2160 So his net income will be Rs 1440 on his investment of Rs 16000 This is 9% return ( 1440 / 16000 ) x 100 factor into Percentage %) ( Note: we multiply the answer by 100 to convert the decimal . He has an outstanding housing loan of Rs 30 lakhs.501% 2. Q 1. He can borrow at 9% pa. 2. Darshan is currently of 42 years and wishes to retire at 60 and his life expectancy is 70 years. 1. excluding his residential house are worth Rs 90 lakhs.3 – What is the discount rate for working out Mr. 3.000% 1.5 to finance the investment.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. He plans to invest Rs 40.756% . Darshan is employed in a private firm and earns Rs 8 lakhs per year.395% 1. 4. Mr. His other assets.5%. He also has investments in other sources and he expects his investments to grow at 9% over the long term. He has life insurance policies of Rs 35 lakhs. The inflation rate is likely to be around 7. Darshan’s Insurance plan ? 1. His stock broker has recommended an investment which promises a return of 13%. Out of this he spends Rs 7 lakhs per year.000 in this and for this he will need a leverage of 1. 395 % Explanation : To find the Discount Rate means we have to calculate the inflation adjusted rate of return or Real rate of Return.09 ) / ( 1 + 0.395 % .075 ) – 1 x 100 = 1.09 / 1.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Answer : 1.0139 – 1 x 100 = 1. The Formula is [ { (1 + rate of return) / ( 1 + Inflation Rate )} – 1 } ] x 100 = { ( 1 + 0.075 ) } – 1 x 100 = ( 1. 575 Rs. The inflation rate is likely to be around 7. His stock broker has recommended an investment which promises a return of 13%.4 – What is Mr. He also has investments in other sources and he expects his investments to grow at 9% over the long term. 2. 3. Q 1. 1. 4. 1.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr.000 in this and for this he will need a leverage of 1. Mr. Darshan is currently of 42 years and wishes to retire at 60 and his life expectancy is 70 years.77.634 . 2. His other assets.26. He has an outstanding housing loan of Rs 30 lakhs. He plans to invest Rs 40. He can borrow at 9% pa.5%.62.744 Rs.74. He has life insurance policies of Rs 35 lakhs. Darshan is employed in a private firm and earns Rs 8 lakhs per year. Darshan’s human life value ? 1. 2. Out of this he spends Rs 7 lakhs per year.987 Rs.39. Rs.5 to finance the investment.22.78.14. excluding his residential house are worth Rs 90 lakhs. - In EXCEL. Click on ‘Fx’ and choose ‘PV’ ie.575 Explanation : The various steps to find the Human Life value are : Step 1 – Finding the present value of all the future earnings in today’s term.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 1.26. Present Value and OK . We have to use Excel for the calculations. (Use of Excel is allowed in exams).62. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES In Rate we have to enter the Real Rate of Return which has been calculated in Q 1. Retirement Age less Current Age ( 60-42 ) Pmt – His current income ie. Rs 8. of payments ie.00.0139 Nper is the no.000 which is going to occur every year .3 ie 0. .575 /= This means he needs an insurance cover of the above amount.26.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The Answer comes to Rs.62. 1. 2.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. Kushal who regularly invests in IPO’s wishes to invest in this IPO using outside finance(loan) in which he will get a leverage of 2 times at a finance cost of 2.00 3. 4.5% for the period till the shares are allotted. 2 The public issue of Secure Industries Ltd is priced at Rs 75.21 Correct Ans : 3.125 .1 – Calculate the historic Price to Book value at which the IPO is bought out. 1. 3. Mr. 3. The current Earning per share is Rs 7 and this is likely to rise by 10 % next year. Q 2.12 4.63 3. The book value of its equity shares is Rs 24.12 Explanation : The formula for Historic Price to Book ie P/B ratio is Market Price Per Share / Book Value Per Share = 75 / 24 = 3. 1.88 Correct Ans : 9. Mr.77 9. Q 2.2 – Calculate the forward Price to Earning (PE) Ratio for this IPO. 8.5% for the period till the shares are allotted.70 = 9.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The public issue of Secure Industries Ltd is priced at Rs 75. 3.1) = 75 / 7.74 Explanation : The formula for Forward PE ratio is – Current Price / Forward Earnings = 75 / (7 x 1. 4.30 8. The current Earning per share is Rs 7 and this is likely to rise by 10 % next year.74 [ 10% growth in Rs 7 ] .74 10. 2. The book value of its equity shares is Rs 24. Kushal who regularly invests in IPO’s wishes to invest in this IPO using outside finance(loan) in which he will get a leverage of 2 times at a finance cost of 2. 80 78.50 / 4 = 78.50 Total cost = Value of shares allotted + Interest cost = 4 x 75 + 12.5% = Rs 12.5% for the period till the shares are allotted.12 . Kushal ? 1. a loan of Rs. Q 2. The book value of its equity shares is Rs 24.100 with the investor.63 79.50 Cost Per Share = 312. Allotment ratio is 4:10. ie. 1/3 is self money and 2/3 is loan taken.12 Explanation : Leverage-> 2 times (Means for every Rs.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The public issue of Secure Industries Ltd is priced at Rs 75.50 = 312. 2. 75.200) ie. for every 10 shares applied. 4.12 Correct Ans : 78.41 81. The current Earning per share is Rs 7 and this is likely to rise by 10 % next year. To apply for 10 shares he will need Rs 750 (Rs 75 x 10) Loan Amount = 750 x 2/3 = Rs 500 Interest Cost = 500 x 2. Kushal who regularly invests in IPO’s wishes to invest in this IPO using outside finance(loan) in which he will get a leverage of 2 times at a finance cost of 2. Mr. he will get 4 shares. what will be the cost for these shares for Mr.If Secure Industries Ltd allots the shares in the ratio 4 for 10.3 . 3. 2. Kaushal does not suffer a loss ? 1. The book value of its equity shares is Rs 24. 50% 58.5% for the period till the shares are allotted. Mr. In such a scenario.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The public issue of Secure Industries Ltd is priced at Rs 75. what should be the minimum allotment so that Mr.50 per share His cost of finance is Rs 12.50% 60% 75% Correct Ans : 50% Explanation : Shares are issued at Rs 75 and listing is at Rs 77. 4.50 / 2.50 = 5 So he should get atleast 5 shares from the 10 shares applied which means a 50% allotment ratio . Kushal who regularly invests in IPO’s wishes to invest in this IPO using outside finance(loan) in which he will get a leverage of 2 times at a finance cost of 2. Q 2. The current Earning per share is Rs 7 and this is likely to rise by 10 % next year.50 ( as solved earlier ) 12.4 – The shares of Secure Industries Ltd are expected to list at Rs 77.50 This means the cost of finance should not be more than Rs 2.50. 3. Mr. Gupta. The expenses for such studies is Rs 20. This new SIP can yield 1. Mr. Gupta is expecting some monies and so he is planning to start a new SIP of Rs 12000 pm for 18 months. 3. 542427 Rs .1 – What will be the value of Mr. 3 Mr. 2. As Mr. an Indian resident invests in Mutual Funds regularly. He has an ongoing SIP which is currently valued at Rs 2.00. Rs.25% pm. Q 3. Gupta plans to send Pranav to USA for higher studies in the field of medical sciences.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO.000 and this will go up by 10% pa over the next 5 years. The rupee is also likely to depreciate by 3% against the USD during this period. The yield on SIP is estimated to be 1% pm. 4.00. Gupta’s ongoing SIP in one year ? 1.500411 . Gupta has a son named Pranav. 501677 Rs. In this SIP he is contributing Rs 25000 pm and this will continue for 12 more months. 574606 Rs.000. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 542427 Answer Explanation : We will have to use Excel to solve these problems. Here we have to find the Future Value of his investments. In Excel, click on Fx and then on FV (ie. Future Value and then OK. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The Interest Rate is 1%, the number of installments are 12, the per month installments are Rs 25000 and the currently value of the SIP is Rs 200000. Inputting these values in Excel , we get : Ans : The future value of the ongoing SIP is Rs. 542427 00.000 and this will go up by 10% pa over the next 5 years. This new SIP can yield 1. What will be its value at the completion of SIP period ? 1. Gupta plans to send Pranav to USA for higher studies in the field of medical sciences. As Mr. Mr. Gupta is expecting some monies and so he is planning to start a new SIP of Rs 12000 pm for 18 months. 4. Q 3.2 . Gupta. 2. Rs 214688 Rs 230876 Rs 240554 Rs 248214 . He has an ongoing SIP which is currently valued at Rs 2. Gupta has a son named Pranav. In this SIP he is contributing Rs 25000 pm and this will continue for 12 more months. The rupee is also likely to depreciate by 3% against the USD during this period.Mr.000. an Indian resident invests in Mutual Funds regularly. 3. Mr. The yield on SIP is estimated to be 1% pm.25% pm.00.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. Gupta plans to start a new SIP of Rs 12000 pm. The expenses for such studies is Rs 20. input the following data – Interest Rate 1. We get the answer Rs 240554. Installments 18 and per installment amount Rs 18000.25%.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 240554 Explanation : Using the FV calculations in Excel. . Gupta plans to send Pranav to USA for higher studies in the field of medical sciences. 3.000.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr.000 and this will go up by 10% pa over the next 5 years.3 .00.84. Q 3. In this SIP he is contributing Rs 25000 pm and this will continue for 12 more months. He has an ongoing SIP which is currently valued at Rs 2. The expenses for such studies is Rs 20.00.749 Rs 43. Mr.11.What is the amount Mr.000 . 2.870 Rs 41.74. This new SIP can yield 1.634 Rs 39. The yield on SIP is estimated to be 1% pm. As Mr. Gupta will need in five years for his son Pranav’s education ? 1.25% pm. Rs 36.28. Mr. 4. Gupta has a son named Pranav. Gupta. an Indian resident invests in Mutual Funds regularly. The rupee is also likely to depreciate by 3% against the USD during this period. Gupta is expecting some monies and so he is planning to start a new SIP of Rs 12000 pm for 18 months. The Rate is 10%.84.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 36. the cost will rise by 3%.84. Gupta will need Rs 36. Inputting these data in excel we get : Mr. As the rupee depreciates.870 in 5 years for his sons education.00.870 Explanation : Here again we have to calculate the future value using Excel.000 which is the Present Value. So the total Rate will be 10 + 3 = 13% The period is 5 years The current cost is Rs 20. . 92 and the dividend yield is 4.1 – The PEG ratio Megasoft Ltd is 0. Q 4.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. On the other hand. Megasoft Ltd is 24 while the industry average PE is 15. This means the company is _________.2 . 3. 4. Mr. 1. the Price Earning to Growth (PEG) Ratio is 0. stocks with high PEG ratios indicate that the stock is currently overvalued. 4 The PE ratio for M/s. it means that the stock's price is undervalued. A low growth stock A high growth stock Over valued Under valued Correct Ans : Undervalued Explanation : The thumb rule is that if the PEG ratio is 1.92. . it means that the market is valuing a stock in accordance with the stock's estimated EPS growth. Rao is a careful and conservative investor and is thinking of investing in the shares of Megasoft Ltd. If the PEG ratio is less than 1. 2. If the price of equity shares moves up. and vice versa.2 The Dividend yield of Megasoft is quiet high. . 4. What does it signify ? 1. The company share price is likely to rise The company EPS is likely to rise The earning’s growth of the company could be low The dividend payout will be low Correct Ans : The earning’s growth of the company could be low. A low earnings growth company will have a relatively higher and increasing dividend yields as prices tend to fall. Explanation : When the dividend received by an investor is compared to the market price of the share.92 and the dividend yield is 4. 2.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The PE ratio for M/s. The dividend yield of a share is inversely related to its share price.2 . Mr. Rao is a careful and conservative investor and is thinking of investing in the shares of Megasoft Ltd. the dividend yield comes down. Megasoft Ltd is 24 while the industry average PE is 15. the Price Earning to Growth (PEG) Ratio is 0. it is called the dividend yield of the share. Q4. 3. The PE ratio is quiet high as compared to industry PE ratio The PEG ratio is lower than 1 The dividend yield is very high All of the above Correct Ans : The PE ratio is quiet high as compared to industry PE ratio Explanation : One has to compare the company PE ratio to the industry average PE ratio. 3.2 . The PE of Megasoft is 24 and suppose the average PE ratio of software sector stocks is 20. .92 and the dividend yield is 4. 4.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES The PE ratio for M/s. Rao ? 1. it generally means the company stock is over price. the Price Earning to Growth (PEG) Ratio is 0. then this means Megasoft shares are over valued. Q 4. Megasoft Ltd is 24 while the industry average PE is 15. Mr.3 Why are the shares of Megasoft unsuitable for investments for a careful and conservative investor like Mr. 2. Here . Rao is a careful and conservative investor and is thinking of investing in the shares of Megasoft Ltd. If this is higher. 20% 9. These bonds are being issued at face value but will be redeemable at a good premium of 6%. The bonds were being traded at Rs 103 after 1 year.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. She is planning to invest in a 8% bonds of XYZ Ltd. Menon is a safe investor and invests regularly in Fixed Deposits and Bonds. 2. 8.80% . 4.1 – Calculate the YTM these bonds of XYZ Ltd on issue.35% 9% 9. The interest is paid annually and the time duration of these bonds is 5 years. 1. 3. Q 5. 5 Mrs. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : 9% Explanation : YTM ie. Let’s assume Mrs. Yield to Maturity is the total return to be earned on the money invested. Using Excel. Menon invested Rs 100 and so she will get Rs 106 on maturity (premium of 6%) plus interest income of 8% pa. We have to calculate the Rate. search for Rate. On Clicking on ‘ Go ‘ – we get : . NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Double Click on ‘Rate’ – we get : . NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES . 5 years Pmt – Every year interest will be receivable ie 8% on Rs 100 ie Rs 8 Pv – The initial amount invested ie. . The bonds were being traded at Rs 103 after 1 year.0900 x 100 = 9% is the YTM on issue price. Rs 100 Fv – The amount receivable on maturity ie. These bonds are being issued at face value but will be redeemable at a good premium of 6%.the period ie. The interest is paid annually and the time duration of these bonds is 5 years. She is planning to invest in a 8% bonds of XYZ Ltd. Nper . Rs 106 ( 6% premium ) We get the answer 0.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Now we have to input the data : Mrs. Menon is a safe investor and invests regularly in Fixed Deposits and Bonds. Menon is a safe investor and invests regularly in Fixed Deposits and Bonds. 3. 2. The bonds were being traded at Rs 103 after 1 year. The interest is paid annually and the time duration of these bonds is 5 years. 4.4% 9. Q 5.1% 8. 8% 8.2 – Calculate the revised YTM these bonds of XYZ Ltd after one year ? 1.1% . She is planning to invest in a 8% bonds of XYZ Ltd.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mrs. These bonds are being issued at face value but will be redeemable at a good premium of 6%. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : 8.084 x 100 = 8. Rs 106 ( 6% premium ) The Yield will now be .4% .the period has now become 4 years as 1 year has passed Pmt –Rs 8 Pv – The amount invested will now be Rs 103 Fv – The amount receivable on maturity ie. Input the following data in Excel as per the same procedure of Ans 4.4% Explanation : We have to find out what will be the YTM if one invests after one year in these bonds at Rs 103.1 Nper . 3.22 Correct Ans : 3.32 .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mrs. These bonds are being issued at face value but will be redeemable at a good premium of 6%.32 3.084 = 3. 4. Q 5.68 4.6 / 1 + 0. The bonds were being traded at Rs 103 after 1 year.084 ( Here YTM is the Yield after one year as calculated above ) = 3. 2. The interest is paid annually and the time duration of these bonds is 5 years.3 – Calculate the modified duration if after one year of the issue. 3.60 is the modified duration ? 1. Menon is a safe investor and invests regularly in Fixed Deposits and Bonds.00 3. 3. She is planning to invest in a 8% bonds of XYZ Ltd.6 / 1.32 Explanation : The formula to calculate modified duration is : Duration / 1 + YTM = 3. 20 103. She is planning to invest in a 8% bonds of XYZ Ltd. 2. These bonds are being issued at face value but will be redeemable at a good premium of 6%. Menon is a safe investor and invests regularly in Fixed Deposits and Bonds.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mrs.44 100. due to an announcement by RBI. the interest rates (yields) went up by 50 basis points. 4. 101. Q 5. Calculate the revised price of bonds of XYZ Ltd one year after the issue. The interest is paid annually and the time duration of these bonds is 5 years.35 102.4 – When the price was quoting at Rs 103. 1. The bonds were being traded at Rs 103 after 1 year. 3.74 . we get the following screen : . Present Value (Pv) After clicking on OK.34 Explanation : Here we have to calculate the price of bond when the interest rates rises ie.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : 101. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES . NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Now input the data : Mrs. As per answer of 5. The bonds were being traded at Rs 103 after 1 year. Menon is a safe investor and invests regularly in Fixed Deposits and Bonds. Add .50% to this as yields risen by 0. She is planning to invest in a 8% bonds of XYZ Ltd. In Excel. The interest is paid annually and the time duration of these bonds is 5 years. . the revised yield after one year is 8.9% (Rate) Rest all inputs will be same.2. These bonds are being issued at face value but will be redeemable at a good premium of 6%.50% = 8. we have to find Pv.4%. 1 .72% . Parag Assets : House costing Rs 25 lacs but now valued at Rs 40 lacs.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. Short Term Bank Fixed Deposits – Rs 2 lacs. 20. Open Ended Debt Schemes – Rs 5 lacs. Q 6. Total Liabilities = Add all the liabilities = Rs 22 lacs Total Assets = Add all the assets ( take house at current valuation ) = 89 lacs Leverage ratio = 22 / 89 = 24.18% 27. 3. Saving Bank a/c Rs 1 lac. Parag’s leverage ratio ? 1. Debentures Rs 3 lacs. SUV Rs 6 lacs.22% 23.30% 24. Equity Shares – Rs 7 lacs. Long Term Fixed Deposits – Rs 10 lacs. Liabilities : Housing loan – Rs 12 lacs. 4.What is Mr. 6 Following are the assets and liabilities of Mr. Open Ended Equity Schemes – Rs 6 lacs. Loan from friends – Rs 5 lacs.72 % Explanation : Leverage Ratio = Total Liabilities / Total Assets. 2. Car Rs 4 lacs.72% Correct Answer : 24. Vehicle loan Rs 4 lacs and Credit card outstanding Rs 1 lac. Liquid Schemes – Rs 5 lacs. 3. Debentures Rs 3 lacs. Loan from friends – Rs 5 lacs.2 – Calculate the value of Mr. Liquid assets include money in savings bank account. Liquid Schemes – Rs 5 lacs. Long Term Fixed Deposits – Rs 10 lacs. Short Term Bank Fixed Deposits – Rs 2 lacs.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Following are the assets and liabilities of Mr. Rs 10 lacs Rs 8 lacs Rs 6 lacs Rs 16 lacs Correct Answer : Rs 8 lacs Explanation : Liquid assets are those assets that can be easily converted into cash at short notice to meet expenses or emergencies. 2. 4. Open Ended Equity Schemes – Rs 6 lacs. In the above example the following are liquid assets : Short Term Bank Fixed Deposits – Rs 2 lacs Liquid Schemes – Rs 5 lacs Saving Bank a/c Rs 1 lac. Q 6. Shares and open-end equity schemes fall under this category. thus making them unsuitable for realising cash at short notice. Open-end debt schemes too have a significant market element in their valuation which makes their return volatile. Car Rs 4 lacs. Total = Rs 8 lacs are liquid assets . Some assets may be easily converted into cash but their values may fluctuate widely in the short-term. 1. Saving Bank a/c Rs 1 lac. Liabilities : Housing loan – Rs 12 lacs. and therefore unsuitable to meet the need for funds at short notice. fixed deposits that mature within 6 months. Parag’s liquid assets. Vehicle loan Rs 4 lacs and Credit card outstanding Rs 1 lac. Equity Shares – Rs 7 lacs. Open Ended Debt Schemes – Rs 5 lacs. investment in short-term debt schemes of mutual funds and such other short-term assets. Parag Assets : House costing Rs 25 lacs but now valued at Rs 40 lacs. SUV Rs 6 lacs. Saving Bank a/c Rs 1 lac. Equity Shares – Rs 7 lacs. Explanation : Networth = Assets – Liabilities As calculated in the Ans 5. His assets are valued at Rs 89 lacs and Liabilities at Rs 22 lacs So his Networth is 89 – 22 = Rs 67 lacs.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Following are the assets and liabilities of Mr. Open Ended Equity Schemes – Rs 6 lacs. 4. Parag Assets : House costing Rs 25 lacs but now valued at Rs 40 lacs. Short Term Bank Fixed Deposits – Rs 2 lacs. Liabilities : Housing loan – Rs 12 lacs. . Open Ended Debt Schemes – Rs 5 lacs. Parag. 3. 2. 1. Q 6. Vehicle loan Rs 4 lacs and Credit card outstanding Rs 1 lac.1 . Debentures Rs 3 lacs. SUV Rs 6 lacs. Long Term Fixed Deposits – Rs 10 lacs. Rs 57 lacs Rs 72 lacs Rs 67 lacs Rs 89 lacs Correct Answer : Rs 67 lacs.3 – Calculate the Networth of Mr. Car Rs 4 lacs. Loan from friends – Rs 5 lacs. Liquid Schemes – Rs 5 lacs. Q 6. Vehicle loan Rs 4 lacs and Credit card outstanding Rs 1 lac. Open Ended Debt Schemes – Rs 5 lacs.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Following are the assets and liabilities of Mr. Parag’s solvency ratio. Liabilities : Housing loan – Rs 12 lacs.4 – Calculate Mr. 2. Parag Assets : House costing Rs 25 lacs but now valued at Rs 40 lacs. Liquid Schemes – Rs 5 lacs. Equity Shares – Rs 7 lacs. Debentures Rs 3 lacs. SUV Rs 6 lacs. 75% 80% 60% 65% Correct Ans : 75% Explanation : Solvency Ratio = Networth / Total Assets = 67 / 89 = . 1. Saving Bank a/c Rs 1 lac. Open Ended Equity Schemes – Rs 6 lacs. 3. 4. stronger the investor’s financial position) . Short Term Bank Fixed Deposits – Rs 2 lacs. Loan from friends – Rs 5 lacs.75 = 75% (Higher the solvency ratio. Long Term Fixed Deposits – Rs 10 lacs. Car Rs 4 lacs. 3. He has used a leverage of 1.1 Out of the Rs 1 lac invested by Mr. Q 7. 4. Dixit. 7 Mr. 40000 Rs. 50000 Rs. Rs. how much funds were of his own ? 1. 2. So X + 1. 45000 Rs.5 = Rs 40000 .5 X = Rs 100000 2. 30000 Correct Ans : Rs 40000 Explanation : Let X be his own funds. He borrowed money at 9% pa.5X = Rs 100000 X = 100000 / 2.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO.5 times. Dixit has invested Rs 100000 in a debenture which will give 11% return. 4. Rs 40000 are his own fund (as calculated above). 2. He has used a leverage of 1.2 What amount of interest was paid by Mr.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. 4900 Rs. 5400 Rs. Q7. 6350 Correct Ans : Rs 5400 Explanation : Out of Rs 100000. 3. Rs. 6100 Rs. Dixit has invested Rs 100000 in a debenture which will give 11% return. So 9% of Rs 60000 = Rs 5400 .5 times. the balance Rs 60000 are borrowed. The cost of borrowing is 9%. He borrowed money at 9% pa. Dixit on borrowed funds ? 1. 5 times. 3. 6500 Rs. Rs. Dixit’s net return. 2. He borrowed money at 9% pa. Dixit has invested Rs 100000 in a debenture which will give 11% return. 5400 Rs.3 Calculate Mr. 1.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. Dixit is 11% of Rs 100000 = Rs 11000. 4. 11000 Rs. He has to make interest payments on borrowed money of Rs 5400 (as calculated above) So his net return is Rs 11000 – Rs 5400 = Rs 5600 . He has used a leverage of 1. 5600 Correct Ans : Rs 5600 Explanation : The interest receivable by Mr. Q 7. On this he has got a net return of Rs 5600.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. He has used a leverage of 1. Dixit ? 1.000 of his own funds. Dixit has invested Rs 40. 12% 14% 16% 18% Correct Ans : 14% Explanation : Mr. 3. So Return on Equity = Net Return / Own funds invested x 100 = 5600 / 40000 x 100 = 14% . 4.4 What is the Return on Equity of Mr. Q 7. 2. He borrowed money at 9% pa. Dixit has invested Rs 100000 in a debenture which will give 11% return.5 times. so that’s his equity. 8 Following are the details of income and expenses etc of Mr.Rs 1000 + Investments – Rs 3000 = Rs 13500 Rs 30000 – Rs 13500 = Rs. There are some deductions in his salary as under : Loan repayments . 4. Sayyed for the month of January is ________ . Mr.Rs 3500 + TDS . Mr.1 – The net take home salary of Mr. 2. 3. Q 8.Rs 1000 & Investments – Rs 3000 The monthly expenses of his household are Rs 17500. Sayyed works in a company where he gets a monthly gross salary of Rs 30000 and this includes a PF contribution of Rs 3000 from the employers. 16500 . Sayyed for the month of January. Sayyed also has a monthly SIP going on in which Rs 2000 are deducted directly from his bank account. He plans to use this SIP money to buy a house in his village whose current cost is Rs 3 lakhs.Rs 3500. Mr Sayyed has received Rs 4000 as dividends from some old equity shares held by him. TDS . 1. Sayyed’s gross Salary = Rs 30000 Less – Employer PF Contribution – Rs 3000 + Self PF contribution – Rs. 3000 + Loan repayments .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. Rs 20600 Rs 18300 Rs 16500 Rs 19500 Correct Ans : Rs 16500 Explanation : Mr. He also invests Rs 3000 in PF. 1.2 – The Saving Ratio of Mr. 2. There are some deductions in his salary as under : Loan repayments . Sayyed also has a monthly SIP going on in which Rs 2000 are deducted directly from his bank account. 30.12% 28. Sayyed for the month of January. Sayyed works in a company where he gets a monthly gross salary of Rs 30000 and this includes a PF contribution of Rs 3000 from the employers.Rs 1000 & Investments – Rs 3000 The monthly expenses of his household are Rs 17500.Rs 3500.15 % . Sayyed is _________. Mr. He plans to use this SIP money to buy a house in his village whose current cost is Rs 3 lakhs.15% 25.74% Correct Ans : 30. Mr. He also invests Rs 3000 in PF. 4. TDS . Q 8.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Following are the details of income and expenses etc of Mr. 3.75% 33. Sayyed in January is Rs 16500 + Rs 4000 (Dividend) = Rs 20500 Add the Investments he has made : Rs 6000 (Total PF investments) + Rs 3000 (Investments) + Rs 2000 (SIP) = Rs 11000 His total income = 20500 + 11000 = 31500 His expenses are : Loan Repayment Rs 3500 + TDS Rs 1000 + House hold expenses Rs 17500 = Rs 22000 So his net savings is Rs 31500 – Rs 22000 = Rs 9500 Saving Ratio = 9500 / 31500 x 100 = 30. Mr Sayyed has received Rs 4000 as dividends from some old equity shares held by him.15% Explanation : Monthly take home income of Mr. He also invests Rs 3000 in PF. Mr Sayyed has received Rs 4000 as dividends from some old equity shares held by him. Mr. 4. He plans to use this SIP money to buy a house in his village whose current cost is Rs 3 lakhs.3 The SIP in which Mr. 3. 2. Mr. 1. There are some deductions in his salary as under : Loan repayments .153 .877 Rs 85. Sayyed also has a monthly SIP going on in which Rs 2000 are deducted directly from his bank account. Calculate the total value of his SIP investments in 3 years.Rs 1000 & Investments – Rs 3000 The monthly expenses of his household are Rs 17500. Rs 79. Sayyed is investing can give a monthly return of 1%.745 Rs 81.Rs 3500. Sayyed works in a company where he gets a monthly gross salary of Rs 30000 and this includes a PF contribution of Rs 3000 from the employers.231 Rs 86. TDS .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Following are the details of income and expenses etc of Mr. Q 8. Sayyed for the month of January. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 86153 Explanation : Use Excel to do the calculations to find the Fv ie. Select Fv in Excel – Click OK .. Future Value. . NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES . The SIP will be valued at Rs 86153.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Input the data as under : Rate is 1% Nper – The total installments are 12 x 3 years = 36 Pmt – Per month Rs 2000 There is no lump sum investment so no Pv. . Sayyed works in a company where he gets a monthly gross salary of Rs 30000 and this includes a PF contribution of Rs 3000 from the employers. 3. Sayyed for the month of January.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Following are the details of income and expenses etc of Mr. Q 8.Rs 1000 & Investments – Rs 3000 The monthly expenses of his household are Rs 17500. 2. Mr. He plans to use this SIP money to buy a house in his village whose current cost is Rs 3 lakhs. Rs 426000 Rs 438114 Rs 444463 Rs 507416 . what will be its value after 3 years ? 1. Sayyed plans to buy. Mr.4 Assuming that the village house which Mr. appreciates by 14% pa. He also invests Rs 3000 in PF. 4.Rs 3500. Mr Sayyed has received Rs 4000 as dividends from some old equity shares held by him. Sayyed also has a monthly SIP going on in which Rs 2000 are deducted directly from his bank account. There are some deductions in his salary as under : Loan repayments . TDS . 44. Explanation : Using Excel and Future Value (Fv) calculations : .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 4.463. 463 after 3 years.44. The village house will valued at Rs 4. .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Input the following data : Rate = 14% Nper – 3 years No Pmt Pv – The present value of the village house is Rs 300000. How much money will Mr.00.00. 6074532 Rs. Mohit is a married man of age 43. Mohit has saved Rs 2. 5737488 Rs.000 to meet these two expenses by investing in both equity and debt which is yielding 8% pa. 3.00. 6290234 Rs.000 per annum and this is incurred at the end of each year for 2 years. The likely inflation is 10% pa. Rs. He intends to send his daughter for higher education which will be due in 5 years. 9 Mr.1 .00.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. The inflation is likely to be at 15% pa. Mr. 5270968 . He has a good job and he also saves regularly. Mohit need to be set aside from the corpus at the end of Year 5. 1. His has one more daughter whose marriage is scheduled at the end of 7th year and which will cost Rs 1.000. 4. 2. to finance the daughter’s higher education? Assume the amount set apart will earn 6%interest.00. Q 9. The current cost of such education is Rs 15. NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 6290234 Explanation : Find FV of Education cost at the end of 5th Year: . NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Find FV of Education cost at the end of 6th Year: Discount the FV of 6th Year cost to the end of 5th Year : Discount Rate @ 6% . 199 = Rs.78 + 3273199.234.97 . 62.90.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Total education cost requirement at the end of 5th Year = 3017035. 444 . 1. 2.00.00.00.00.87.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr.00.000 per annum and this is incurred at the end of each year for 2 years. 4.55. His has one more daughter whose marriage is scheduled at the end of 7 th year and which will cost Rs 1. Q 9. 2. He intends to send his daughter for higher education which will be due in 5 years. Mr.32.94.33. 2.171 Rs. The current cost of such education is Rs 15.2 – How much money will be required on account of daughter's marriage in the year it is planned? 1.01. Mohit is a married man of age 43.47. The inflation is likely to be at 15% pa. Mohit has saved Rs 2. He has a good job and he also saves regularly.877 Rs.002 Rs. Rs. 3. The likely inflation is 10% pa. 1.000.000 to meet these two expenses by investing in both equity and debt which is yielding 8% pa.74. 87.171 Explanation : Find FV of Marriage cost at the end of 7th Year: .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs 1.94. 75.00.00. Mohit is a married man of age 43. 2. He has a good job and he also saves regularly.00. His has one more daughter whose marriage is scheduled at the end of 7 th year and which will cost Rs 1.3 How much will be left in the corpus after both goals are fulfilled (assume that he does not set apart money in the 6% corpus mentioned in Q9. 61.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr.11. He intends to send his daughter for higher education which will be due in 5 years.00. 71.085 .00.000 per annum and this is incurred at the end of each year for 2 years.1)? 1. The likely inflation is 10% pa. 3.47. Rs.354 Rs.000 to meet these two expenses by investing in both equity and debt which is yielding 8% pa. The inflation is likely to be at 15% pa. The current cost of such education is Rs 15.877 Rs.23. Mr.96. 68. Q 9. Mohit has saved Rs 2.211 Rs.000. 4. 085 .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Correct Ans : Rs. 75.23. 00) Balance in available corpus at the end of 7th Year : Rs. Very Conservative Very Aggressive Less Conservative Less Aggressive Correct Ans : Very Conservative Explanation : The instruments Mr.82* (1. . 3017035.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Find FV of current investment at the end of 5th Year: Rs.08)} {Formula = PV * (1+R)^N} Less: Fv of marriage at the end of 7th Year : (Rs.54 Less: Fv of education cost at the end of 5th Year : (Rs.76 * (1. which means they carry almost no risk.67 Find FV of current investment at the end of 7th Year: Rs. 19487171.08)} {Formula = PV * (1+R)^N} Less: Fv of education cost at the end of 6th Year : (Rs. 27010256. Mohit has used for his investments are yielding a very low rate of return ie.15) Balance in available corpus at the end of 6th Year : Rs.40 {28479087. 3469591.4 How would you describe the investment policy Mr.76 Find FV of current investment at the end of 6th Year: Rs. 25009496. 8%. 4. 29386561.82 {26369525. 3. 7523085. 26369525.78) Balance in available corpus at the end of 5th Year : Rs. 28479087.40 Rs.Mohit is using for the corpus? 1. 2. 7523085 will be left in the corpus after both goals are fulfilled Q 9. 5% Explanation : The formula for calculating returns is : ( WE x RE ) + ( WD x RD ) WE – Weight of Equity = 0. 14% 8% 11.1 – Calculate the returns of Mr.5% Correct Ans : 9.75 RD – Return of Debt = 8 = (0. The standard Deviation of Equity shares is 9% and Debt is 4%.75 x 8) = 3.25 x 14) + (0. Kumar has invested in both Equity Shares and Debt.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES CASE STUDY NO. 4. The yearly expected return from Equity shares is 14% and from Debt is 8%. 10 Mr.5% 9. 2. The co-relation between Equity and Debt returns is – 0. Kumar if he invests 25% in Equity Shares and 75% in Debt.25 RE – Return on Equity = 14 WD – Weight of Debt = 0.4 (negative).5 + 6 = 9.5% . 1. 3. Q 10. what can you conclude from this asset allocation ? 1. Kumar is married and has children who are studying Mr. Explanation : A portfolio which contains a very high ratio of debt and very low ratio for equities is generally for people who cannot take risks and are for very senior and with no family support. Kumar is a young married person with no children Mr Kumar is unmarried and no immediate responsibility or family to support Correct Answer : Mr. Kumar is a very senior person (age more than 70-75 years) and has no family support.4 (negative). Kumar has invested in both Equity Shares and Debt. The yearly expected return from Equity shares is 14% and from Debt is 8%. Mr. . The co-relation between Equity and Debt returns is – 0. 3. The standard Deviation of Equity shares is 9% and Debt is 4%.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr. Kumar is a very senior person (age more than 70-75 years) and has no family support Mr. 4. Q 7. 2.2 – If Mr Kumar is investing 15% in equities and 85% in debt. in.75 x (-0. 4. The co-relation between Equity and Debt returns is – 0.4) x 9 x 4) = (0.5. In case you find any errors in the question bank.562 x 16) + (.75^2 x 4^2) + (2 x 0.84% 7.36% 5. 2. please do let us know of the same on info@pass4sure. Std Dev of Equity square) + WD^2 (ie.21 = 7. 1. Std Dev of Debt square) + 2 x WE x WD x Corelation x Std Dev E x Std Dev D Substituting the values : = (0. 6.25 x 0.36% Explanation : The formula for Weighted Standard Deviation is : SQUARE ROOT of  WE^2 (ie Weight of Equity square) x Std Dev E^2 (ie.36 ******************************************************************************************** [ Please do mail your feedback. The standard Deviation of Equity shares is 9% and Debt is 4%. Kumar has invested in both Equity Shares and Debt.62 + 8.NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Mr.22% Correct Ans : 7.4) = 50. Weight of Debt square) x Std Dev D^2 (ie.25^2 x 9^2) + (0.625 x 81) + (0.4 (negative). Thanks and All the Best] .99 – 5.3 – Calculate the Weighted Standard Deviation of the portfolio if the weightage is Equity 75% and Debt 25%. Q 7. 3.28% 9.4 = 54. The yearly expected return from Equity shares is 14% and from Debt is 8%.21 Square Root of 54. Depository Operations Certification Exam NISM Series VII: Securities Operations and Risk Management NISM Series VII: Equity Derivatives Certification Exam NISM Series III A: Securities Intermediaries Compliance certification Exam NISM Series X A : Investment Adviser (Level 1) Certification Exam NISM Series X B: Investment Adviser (Level 2) Certification Exam NCFM NCFM Financial Markets: A Beginners Module NCFM Capital Market (Dealers) Module NCFM Derivative Market (Dealers) Module BSE Certificate on Security Market (BCSM) .NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES Practice Question Banks also available for : NISM NISM Series I: Currency Derivatives Certification Exam NISM Series V A: Mutual Fund Distributors Certification Exam NISM Series VI: NISM Series VI . NISM SERIES X B – INVESTMENT ADVISER (LEVEL 2) CASE STUDIES . 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