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تعلم دراسه الجدوي الأقتصاديه مجانا

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  1. [1]
    مهندس/محمد عطيه
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    عضو

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    تعلم دراسه الجدوي الأقتصاديه مجانا

    الأخوه الأعزاء/ اعضاء الملتقي
    تحيه طيبه وبعد -وكل عام وانتم بخير
    الموضوع-برنامج تعليمي متميز لتعليم دراسات الجدوي الأقتصاديه للمشروعات
    اسم البرنامج: COMFAR
    الناشر:undp
    البرنامج له نسخه ديمو تعليميه يمكن ان يفيد كثير من الأخوه في كيفيه عمل دراسة الجدوي الأقتصاديه للمشروعت،
    بالنسبه للنسخه القابله للأستخدام يمكن شرائها عن طريق الموقع
    ملاحظاتي انه برنامج جيد ومتميز ويمكن الأستفاده منه جيدا
    والله الموفق
    مهندس/ محمد عطيه


    xxxxxxxxxxxxx
    يمنع وضع البريد الالكتروني ليتم التواصل عبر الملتقى

    المشرفة

  2. [2]
    صناعة المعمار
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    عضو شرف


    تاريخ التسجيل: Sep 2005
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    وسام الشكر

     وسام كبار الشخصيات

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    السلام عليكم ورحمة الله

    اهلا اخي مهندس/محمد عطيه

    رجاء ممكن توضح اكثر ؟ هل يمكنك ان تفيدنا بشرح بسيط عنه ام مجرد لفت النظر الى هذا البرنامج؟

    شكرا حياك الله:)

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    اللهم لك الحمد حمداً كثيراً ولك الشكر شكراً كثيرا ، حمداً كما ينبغي لجلال


    وجهك وعظيم سلطانك ،،،


    لك الحمد ما أكرمك


    ولك الحمد ما أرحمك


    ولك الحمد ما أعظمك


    اللهم أننا نشهدك أننا نشتاق إليك فلا تحرمنا من لذة القرب منك في الدنيا ولا


    لذة النظر إلى وجهك الكريم في الآخرة


  3. [3]
    أحمد مارفل
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    عضو فعال


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    أرجو من الأخ مهندس / محمد عطيه رفع البرنامج على المنتدى لو عنده وشكراااااااااا.

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  4. [4]
    الزناتي
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    عضو


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    شكراً وبارك الله فيك

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  5. [5]
    مهندس/محمد عطيه
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    عضو


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    الأخوه الأعزاء
    السلام عليكم ورحمة الله وبركاته
    اولا بالنسبه للبرنامج انا فعلا اود لفت النظر اليه لأنه برنامج قيم من واقع تعاملي معه كنسخه dimo.
    للأخوه الراغبين في التعامل مع البرنامج انزال البرنامج من الموقع والتعامل معه خطوه بخطوه حييث انه برنامج تعليمي ،بالتجربه ستلاحظ انه برنامج سهل وبسيط ويمكن التعامل معه
    بالخبره يمكن طباعه الديل التعليمي ونمشي معه .... سنجد انه سهل وبسيط.....
    المشكله الحقيقيه انه لأمكان طباعة النتائج تحتاج الي النسخه الأصليه وهي غاليه
    علي فكره انه يمكن التسجيل في الموقع والحصول علي دوره تدريبيه للبرنامج وتعقد هذه الدورات عالبا في فيينا بالنمسا وهم يحددون التكلفه والمصاريف الخاصه بالتدريب.
    ان شاء الله ساحاول ان ارفع البرنامج التدريبي من المنيووال الخاص بالبرنامج.
    والله الموفق
    زكل عام وانتم بخير بمناسبه عيد الأضحي المبار ، العام الجديد والكريسماس وربنا يجعل الأيام اعياد
    مهندس/ محمد عطيه

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  6. [6]
    مهندس/محمد عطيه
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    عضو


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    Dear frindes
    الأخوه الأعزاء مرفق لكم الموقع الي يمكن تنزيل البرنامج منه
    http://www.unido.org/doc/3383
    ومع الشكر،،،،
    مهندس/ محمد عطيه

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  7. [7]
    مهندس/محمد عطيه
    مهندس/محمد عطيه غير متواجد حالياً
    عضو


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    Dear frindes
    الأخوه الأعزاء مرفق لكم الموقع الي يمكن تنزيل البرنامج منه
    http://www.unido.org/doc/3383

    موقع النسخه الديمو
    UNIDO - COMFAR _III_ Demonstration Versions- [ ترجم هذه الصفحة ]UNIDO offers the following demonstration versions for COMFAR III Expert and ... COMFAR III Mini Expert Demo - Arabic (3.5MB); COMFAR III Mini Expert Demo ...
    www.unido.org/en/doc/3404 - 27k - نسخة مخبأة - صفحات شبيهة


    ومع الشكر،،،،
    مهندس/ محمد عطيه

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  8. [8]
    مهندس/محمد عطيه
    مهندس/محمد عطيه غير متواجد حالياً
    عضو


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    الخوه الأعواء مرفق تطبيق عملي عل البرنامج
    II. TOMATO CANNING
    This exercise is intended to introduce a new user to the basic concepts and procedures
    of COMFAR III Expert. Only financial analysis is performed. Data are kept to a minimum
    to concentrate on the main features of the program. The program features which
    are not used in this case study are not explained here. Please refer to the Reference
    Manual.
    The project is a new enterprise to produce and export a maximum of 2,600 tons of
    canned tomato at a price of US$ 100 per ton. The project financial structure involves a
    single class of equity shares and a loan provided by a development bank.
    The objective of the exercise is to produce the following pro-forma financial statements
    and performance indicators:
    · Net income statement
    · Cash flow for financial planning
    · Discounted cash flow, total capital invested, NPV, NPVR, IRR, Modified IRR
    · Discounted cash flow, total equity invested, NPV, IRR, Short NPV, Modified IRR
    · Break-even point, third year of production
    · Projected balance sheet
    · Ratios
    Data concerning all aspects of the project including currency exchange rates, initial
    fixed investment, production costs, sales programme, working capital requirements and
    financial conditions are provided in the appropriate sections below.
    Note: Every save operation (Save Project as in the FILE Menu) in this manual is
    described using names equal to the project files delivered with COMFAR
    III Expert. If you do not want to overwrite these original project files,
    please use other filenames as described in this manual (e.g.: TOMATO
    instead of TOMCAN).
    A. START COMFAR
    The procedure for starting COMFAR is described in chapter III in the Reference Manual.
    When COMFAR is started, the browser and browser overview panels are displayed
    with the menu bar at the top of the window.
    B. SELECT PROJECT TYPE AND LEVEL OF ANALYSIS
    1. Choose New Project in the FILE menu. The NEW PROJECT modal window
    is displayed.
    2. Select Industrial in the PROJECT TYPE list box.
    3. Select the Opportunity study radio button.
    4. Choose the OK pushbutton.
    Figure 1: New project modal window
    The PROJECT INPUT DATA node is displayed with the Compress Icon at the right, indicating
    that the node is extended. The initial data entry sequence starts with the PROJECT
    IDENTIFICATION node, which is also displayed. This sequence involves from five to
    eight nodes depending upon the complexity of the analysis, each of which is displayed
    only after data in the previous node are accepted (with OK). The specific number of
    nodes in the sequence is determined by the project features selected in the PROJECT
    IDENTIFICATION window.
    II. Tomato canning 3
    C. FINANCIAL DATA ENTRY
    The first version of the data file does not include the plan for financing the project. The
    program is used to assist in determining an appropriate plan.
    1. Project identification
    1. Move the mouse cursor inside the browser overview frame. The cursor
    changes to the move cursor. Drag the frame so that the PROJECT INPUT
    DATA node and PROJECT IDENTIFICATION node are displayed in the
    browser.
    The purpose of this step is to become familiar with the use of the
    browser overview frame for viewing segments of the browser. Alternatively,
    the browser position can be altered by placing the cursor within
    the browser, clicking and holding the left mouse button. When the hand
    cursor appears, the viewing position in the browser is changed by
    moving the mouse. When in an acceptable position, release the mouse
    button.
    2. Choose the Table Icon for the PROJECT IDENTIFICATION node. The
    PROJECT IDENTIFICATION window is displayed.
    Figure 2: Project identification window
    3. Select the PROJECT TITLE entry field and enter the name of the project,
    Tomato canning.
    4. Select the PROJECT DESCRIPTION multiple-line entry field and enter
    descriptive text for the project, for example: Project of ____ (sponsor)
    to produce 2,600 tons canned tomato per annum for export to ____.
    Located at ______. This version does not include the finance plan.
    5. Select the DATE AND TIME entry field and enter the date and time as text.
    6. The New project radio button is selected by default.
    7. The FINANCIAL ANALYSIS check box is selected by default. Economic
    analysis and special features are not used in this case study.
    8. The definition of the database links (branch, country and product
    codes) is described in the COMFAR III Database Reference Manual
    (not yet released).
    Figure 3: Database links modal window
    II. Tomato canning 5
    2. Planning horizon
    The planning horizon comprises two years of construction and five years of production.
    Planning during construction is yearly.
    1. Choose the Table Icon for the PLANNING HORIZON node. The PLANNING
    HORIZON window is displayed. The insertion point is located by default
    in the BEGIN field of the CONSTRUCTION PHASE panel.
    Fields are most easily traversed using [TAB] but can also be selected
    with the mouse. Data entries in fields are most readily accepted with
    [ENTER] or by selecting another field with the mouse.
    2. Select 12 in the MONTH OF BALANCE drop-down list box (12 is the default
    value).
    3. Enter the beginning date, 1/1, in the BEGIN field of the CONSTRUCTION
    PHASE panel.
    4. Enter 2 in the LENGTH-YEARS field.
    Figure 4: Planning horizon window
    5. Leave the value 0 in the MONTHS field.
    The END field in the CONSTRUCTION PHASE panel automatically displays
    the end date 12/2, (the last day of December, year 2). The BEGIN field
    in the PRODUCTION PHASE panel automatically displays the beginning
    date of the production phase, 1/3 (first day).
    6. Enter 5 in the LENGTH-PERIODS field of the PRODUCTION PHASE panel.
    The project End date is automatically displayed (12/7). A Reference
    date can be selected as the last day of any production phase period.
    The reference date is significant for database operations and for calculating
    representative results, such as break-even. It should, therefore,
    be a year of full operations. In this case, the date 12/5 is selected.
    7. Choose 12/5 in the REFERENCE YEAR drop-down list box.
    8. Choose OK in the PLANNING HORIZON window. Control returns to the
    browser. The PRODUCTS node is displayed.
    3. Products
    The planned product is canned tomatoes, all of which is to be exported. The maximum
    sales are expected to be 2,600 tons per annum with an FOB price of US$ 100 per ton.
    1. Choose the Table Icon for the PRODUCTS node. The PRODUCTS window
    is displayed. For a new project, COMFAR offers one product named
    "Product #".
    Figure 5: Products window
    II. Tomato canning 7
    2. Choose the Edit pushbutton to sequentially enter in the EDIT panel the
    Name, Actual start of production (1/3), Actual end of production
    (12/7) and Nominal capacity as specified above.
    3. Choose the Accept Edit pushbutton to transfer the entries to the
    PRODUCTS list box.
    4. Choose OK in the PRODUCTS window. Control returns to the browser.
    The CURRENCIES node is displayed.
    4. Currencies
    The local currency is thousand rupees. The export currency is thousand US dollars with
    an official exchange rate 5 rupees per US$. All reports are expressed in the accounting
    currency, thousand rupees.
    1. Choose the Table Icon for the CURRENCIES node. The CURRENCIES window
    is displayed. For a new project, COMFAR offers the local currency
    as defined in the DEFAULTS modal window (Reference Manual, chapter
    V.C).
    Figure 6: Currencies window
    2. Choose the Edit pushbutton to sequentially enter in the EDIT panel the
    Name (thousand rupees) and the Abbreviation (Rs) of the local currency.
    In this case EXCHANGE RATE field is inactive. TYPE is a display
    field only (local or foreign).
    3. Choose the Accept Edit pushbutton to transfer the entries to the
    CURRENCIES list box.
    4. Choose the New pushbutton to sequentially enter in the EDIT panel the
    Name (thousand US dollars), the Abbreviation (US$) of the foreign
    currency and the Exchange rate (1 US$ = 5 Rs) for the foreign currency.
    5. Choose the Accept Edit pushbutton.
    6. Select the accounting currency. (The local currency is selected by
    default; if not, the following steps would be carried out: First select
    thousand rupees in the CURRENCIES list box and then choose the
    Select pushbutton; the selected currency is displayed in the
    ACCOUNTING CURRENCY field.)
    7. Use the UNITS drop-down list box to select Absolute as the accounting
    unit. (The accounting currency is already expressed in thousands of
    units.)
    The reference currency and exchange rate are defined as text only.
    Their purpose is to provide an easy reference for conversion of units
    expressed in the accounting or other currency. This information
    appears only in the SUMMARY schedule. In this case the Austrian
    schilling is the reference currency.
    8. Choose the Reference pushbutton. The REFERENCE CURRENCY modal
    window is displayed.
    Figure 7: Reference currency modal window
    9. Select the NAME field and enter Austrian schilling.
    10. Select the EXCHANGE RATE field and enter 1 Rs = 2 Ats
    11. Choose the OK pushbutton in the REFERENCE CURRENCY window. Control
    returns to the CURRENCY window.
    12. Accept the selections with the OK pushbutton in the CURRENCY window.
    Control returns to the browser. The DISCOUNTING node is displayed.
    II. Tomato canning 9
    5. Discounting
    The opportunity cost of capital for the total investment and for the equity is 12%. To
    determine the MIRRs the reinvestment and borrowing rates are assumed to be 12% and
    8%, respectively, for both the total investment and equity. The number of years for the
    Short NPV on equity is 5.
    1. Choose the Table Icon for the DISCOUNTING node. The DISCOUNTING
    window is displayed.
    2. Select the Discounting radio button (it should already be selected by
    default). The DISCOUNTING list box appears in the window.
    Figure 8: Discounting window
    3. Enter for TOTAL INVESTMENT 12% for the Rate and for TOTAL EQUITY
    CAPITAL 12% and 5 (years) for Rate and Length. (see Reference Manual,
    chapter IV.3).
    4. Select the Modified Internal Rate of Return radio button. The
    MODIFIED INTERNAL RATE OF RETURN list box appears in the window.
    5. Enter 12% as the Reinvestment rate and 8% as the Borrowing rate
    for TOTAL INVESTMENT and for TOTAL EQUITY CAPITAL.
    6. Select the Beginning of first period radio button. All values are to be
    discounted to the beginning of the project.
    7. Accept the selections with the OK pushbutton. The nodes for the
    remaining standard structure are displayed in the browser.
    6. Fixed investment costs
    Fixed investment costs are defined in the windows corresponding to subnodes of the
    FIXED INVESTMENT COSTS node.
    · Choose the Extend Icon of the FIXED INVESTMENT COSTS node.
    The structure of fixed investment costs is displayed with a node for each cost category
    included in the standard structure. To center those nodes on the screen, alter the position
    of the browser (see chapter II.C.1).
    Fixed investment costs are shown in table 1 with depreciation conditions, scrap value
    and the investment in each of the two years of construction.
    MARKET CURRENCY NO. YEARS SCRAP- COSTS, PROJECT YEAR
    (thousands) DEPRECIATION a VALUE a 1 2
    Land Local Rupees - 100 200
    Site development Local Rupees 5 10 150 50
    Civil works, buildings Local Rupees 20 50 100 300
    Machinery Foreign US$ 10 10 120 40
    Pre-prod. expenditure Foreign US$ 3 0 2.5 7.5
    Pre-prod. expenditure Local Rupees 3 0 25 75
    Initial working capital b
    Cans Foreign US$ -- -- 2.5
    Tomato Local Rupees -- -- 33.5
    Salt Local Rupees -- -- 0.8
    Table 1: Fixed investment costs
    PRE-PRODUCTION EXPENDITURES involve a combination of foreign and local sources.
    The standard structure is to be modified to provide a separate node for foreign and
    local components.
    a Depreciation type: linear to scrap, all items.
    b First-year material requirements. Data input is explained in section C.8.
    II. Tomato canning 11
    1. Select the PRE-PRODUCTION EXPENDITURES node by clicking into the
    description area of the node. A bold frame is drawn around the node.
    2. Choose Insert in the EDIT menu. The INSERT NEW ITEMS modal window
    is displayed.
    3. Select the User-defined radio button.
    4. Select the NUMBER OF ITEMS entry field, enter 2, then press [ENTER].
    5. Choose the Insert pushbutton. The generically named items appear in
    the list box.
    6. Use the iconic buttons and data field to edit the names of the two listed
    subnodes to PP Exp - F and PP Exp - L.
    7. Accept the data with the OK pushbutton.
    The two newly created nodes appear in the browser as subnodes of the PREPRODUCTION
    EXPENDITURE node.
    Figure 9: Insert new items modal window
    The QUANTITY = 1 input mode is advantageous in this case for the entry of investment
    data as only the total values are provided. For fixed investment data, the value is
    entered as the PRICE.
    1. Choose Defaults in the EDIT menu.
    2. Select Quantity = 1 in the INPUT MODE drop-down list box.
    3. Accept the default selections with OK in the DEFAULTS modal window.
    The procedure below is described for PLANT MACHINERY AND EQUIPMENT only. A
    similar procedure should be applied to all other fixed investment items except INITIAL
    WORKING CAPITAL, which is defined in the ANNUAL ADJUSTMENTS panel of the
    PRODUCTION COST windows (see chapter II.7.). The data for all other items (market,
    currency, depreciation conditions, cost in each year of construction) are shown in
    table 1.
    1. Choose the Table Icon for the PLANT MACHINERY AND EQUIPMENT node.
    The PLANT MACHINERY AND EQUIPMENT window is displayed.
    Figure 10: Plant machinery window
    2. Select thousand US dollars in the CURRENCY drop-down list box.
    3. Select the Foreign radio button to designate the origin of the item.
    4. Select Linear to scrap from the TYPE drop-down list box in the
    DEPRECIATION CONDITIONS panel (unless displayed as the default value).
    5. Use the STARTING AT drop-down list box to select the starting date of
    depreciation as the start of production (1/3), which should be displayed
    as the default value.
    6. Select the RATE entry field and enter the value 10. The LENGTH entry
    field automatically displays the corresponding length of the depreciation
    period, 10 years, when the rate is accepted by pressing either [ENTER]
    or [TAB]. Alternatively, enter the number of years and the corresponding
    rate is automatically displayed.
    II. Tomato canning 13
    7. Select the SCRAP entry field and enter 10 (scrap value as % of the original
    asset value).
    8. Use the iconic buttons and list box to enter the data in table 2 for
    FOREIGN PLANT MACHINERY (all values are expressed in thousand US $).
    PERIOD QUANTITY PRICE
    1/1 1 120
    1/2 1 40
    Table 2: Data for foreign plant machinery
    9. Accept the data with the OK pushbutton.
    10. Enter all other cost items shown in table 1 (except for initial working
    capital).
    11. Choose the Compress Icon of the FIXED INVESTMENT COSTS node.
    7. Production costs
    All production costs are entered as STANDARD PRODUCTION COSTS. Initial stocks of raw
    materials and factory supplies (initial working capital) which are purchased in the second
    construction year are entered as ANNUAL ADJUSTMENTS (see below).
    Production costs are defined in the windows corresponding to subnodes of the
    PRODUCTION COSTS node.
    · Choose the Extend Icon for the PRODUCTION COSTS node by clicking the
    right (!) mouse button.
    The structure of production costs is displayed with a node for each cost category
    included in the standard structure.
    The production costs at maximum sales level of 2,600 tons and the percentage variable
    is shown in table 3. Foreign values are expressed in thousand US$ and local values in
    thousand rupees.
    Three types of raw materials are defined, each of which requires a separate node. A
    subnode is created for each type. The generic titles are revised to reflect the names of
    the raw material items (TOMATO, SALT and CANS).
    1. Select the RAW MATERIALS node.
    2. Choose Insert in the EDIT menu. The INSERT NEW ITEMS modal window
    is displayed.
    3. Select the User-defined radio button.
    4. Select the NUMBER OF ITEMS entry field and type 3, then press [ENTER].
    5. Use the iconic buttons and list box to edit the names of the three raw
    material subnodes as described above.
    6. Accept the data with the OK pushbutton. The newly created nodes
    appear in the browser as subnodes of the RAW MATERIALS node.
    ANNUAL COST (thousands)
    ITEM FOREIGN
    (US$)
    LOCAL
    (RS)
    VARIABLE
    (%)
    .
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    Raw materials
    Tomato 200 100
    Salt 20 100
    Cans 20 100
    Utilities 20 100
    Repair & maintenance 30 50
    Labour 50 20
    Factory overhead 80 0
    Admin. overhead 60 0
    Marketing 40 50
    Table 3: Production costs
    Figure 11: Tomato window - standard production costs panel
    II. Tomato canning 15
    Below, the procedure is described for defining the RAW MATERIALS - TOMATO costs.
    Only for the three raw materials is the initial stock defined (initial stock of tomato represents
    agricultural financing); for these and the other production cost items, the standard
    costs are defined on the basis of AT NOMINAL CAPACITY in a manner similar to that
    for TOMATO.
    1. Choose the Table Icon for the RAW MATERIALS - TOMATO node.
    2. Select thousand rupees as the currency using the CURRENCY dropdown
    list box (default selection).
    3. Select the Local radio button (default selection).
    4. Select the Standard production costs radio button (default selection).
    5. Select the At nominal capacity radio button (default selection); the
    nominal capacity of 2,600 tons appears in the display field.
    6. Select the QUANTITY field and enter the value 200.
    7. Select the PRICE field and enter the value 1.
    8. Select the VARIABLE PART field and enter the value 100 (default value).
    9. Enter all other production cost items according to table 3 (standard production
    costs).
    10. Use the ANNUAL ADJUSTMENTS list box to enter the initial stock of raw
    materials shown in table 1, as described below.
    8. Initial working capital
    The ANNUAL ADJUSTMENTS list box of the PRODUCTION COSTS window of each
    material (inventory) cost item contains also entry lines for the construction phase (see
    Figure 12). Entries into these lines are treated as initial investment (initial stock of
    materials).
    1. The initial stock of tomato is entered in the ANNUAL ADJUSTMENTS panel.
    Select the Annual adjustments radio button. The ANNUAL
    ADJUSTMENTS panel is displayed in the window.
    2. Select the period 1/2 (second year of construction) in the list box. Use
    the iconic buttons to enter Quantity, 33.3, and Price, 1. (see table 1)
    3. Accept the data with the OK pushbutton.
    4. Enter the other items of initial stock of raw materials (salt and cans)
    shown in table 1.
    5. Choose the Compress Icon of the PRODUCTION COSTS node.
    Figure 12: Tomato window - annual adjustments panel
    9. Sales programme
    The sales programme is defined in the windows of the respective subnodes of the
    SALES PROGRAMME node.
    · Choose the Extend Icon of the SALES PROGRAMME node.
    The structure of the sales programme is displayed with a node for each product defined
    before (see chapter II.3).
    The proposed sales programme is shown in table 4. All production is exported and is
    paid in US$.
    PROJECT YEAR
    (Two years construction)
    3 4 5 6 7
    Percentage capacity 50 75 100 100 100
    Sales level (tons) 1,300 1,950 2,600 2,600 2,600
    Table 4: Sales programme
    II. Tomato canning 17
    1. Choose the Table Icon for the CANNED TOMATO node.
    2. Select thousand US$ using the CURRENCY drop-down list box.
    3. Select the Foreign radio button.
    4. Use the iconic buttons and list box to enter the Quantity and Price for
    each production period (the price is expressed in thousand US$).
    PERIOD QUANTITY
    (thousands)
    PRICE
    (thousand US$)
    1/3 1,300 0.1
    1/4 1,950 0.1
    1/5 2,600 0.1
    1/6 2,600 0.1
    1/7 2,600 0.1
    Table 5: Data for quantity and price
    5. Accept the data with the OK pushbutton.
    6. Choose the Compress Icon of the SALES PROGRAMME window.
    Figure 13: Sales programme window with sales programme panel
    10. Working capital
    Working capital requirements during the production phase are defined in terms of
    MINIMUM DAYS COVERAGE (Mdc) as shown in table 6. The COEFFICIENT OF TURNOVER
    (Coto) is the number of rotations per annum (360/DAYS COVERAGE).
    ITEM DAYS COVERAGE (MDC)
    Inventory of material items
    Tomato (production credit to farmers) 120
    Salt 30
    Cans 90
    Utilities 30
    Work in progress 2
    Finished product 30
    Accounts receivable 30
    Cash-in-hand (local and foreign) 30
    Accounts payable 0
    Table 6: Working capital requirements
    Figure 14: Working capital window
    II. Tomato canning 19
    1. Choose the Table Icon for the WORKING CAPITAL node. The WORKING
    CAPITAL window is displayed.
    2. Select the Inventory radio button. The INVENTORY panel is displayed.
    3. Use the iconic buttons and list box to enter the above values for inventory
    items (raw materials, finished products, work in progress). The corresponding
    annual turnover values (Coto) are displayed automatically.
    4. Select the Accounts receivable radio button.
    5. Use the iconic buttons to enter 30 for DAYS COVERAGE of ACCOUNTS
    RECEIVABLE.
    6. Select the Cash-in-hand radio button.
    7. Use the iconic buttons to enter 30 for both DAYS COVERAGE of CASH-INHAND
    - LOCAL and CASH-IN-HAND - FOREIGN.
    8. Select the Accounts payable radio button.
    9. Use the iconic buttons to enter 0 for the DAYS COVERAGE of ACCOUNTS
    PAYABLE.
    10. Accept the selections with the OK pushbutton.
    The project should now be saved in the original state without the definition of sources
    of finance, profit distribution and income tax definitions.
    1. Choose Save Project as in the FILE menu. The SAVE PROJECT AS modal
    window is displayed. The FILENAMES entry field is automatically
    selected.
    2. Enter the name of the file, TOMCAN, in the FILENAMES entry field
    (please refer to the note given in chapter II. Tomato canning).
    3. Save the file by choosing the OK pushbutton. Control returns to the
    input browser.
    Figure 15: Save project as modal window
    D. INITIAL CALCULATIONS
    Initial calculations are performed to determine the financial requirements of the project.
    If no sources of finance are defined, the program increases equity automatically during
    the construction phase to cover cash deficits. The cash flow for financial planning
    reveals the magnitude, type (foreign, local) and timing of the requirements from which
    the financing plan can be developed.
    Reports to be calculated can be selected using the Select results feature of the MODULE
    menu. However, a number of results are calculated by default and these are sufficient
    to provide the required output for this exercise.
    1. Choose Calculations in the MODULE menu. The CALCULATIONS modal
    window is displayed showing the list of reports to be produced. A Check
    Icon appears in the DONE column when the calculation of the listed item
    is complete.
    2. Choose the Start pushbutton. When calculations are complete the
    window CALCULATION REPORT is displayed, indicating that the project is
    underfinanced. After accepting with the OK pushbutton, control automatically
    returns to the show results browser, from which the results to
    be displayed or printed can be selected. At this point the result of
    interest is the CASH FLOW FOR FINANCIAL PLANNING in the BUSINESS
    RESULTS structure.
    Figure 16: Calculation modal window
    II. Tomato canning 21
    3. Choose the Extend Icon for the BUSINESS RESULTS node. The BUSINESS
    RESULTS structure is extended to reveal four nodes, the uppermost of
    which is the CASH FLOW FOR FINANCIAL PLANNING node, which is further
    extended by choosing its Extend Icon to reveal the TOTAL node (one of
    the default results).
    4. Choose the Table Icon for the TOTAL node. The BUSINESS RESULTS/
    CASH FLOW FOR FINANCIAL PLANNING/TOTAL result is displayed.
    Figure 17: Business results - cash flow for financial planning - total result
    5. Use the vertical scroll bar to move to the bottom of the table so that the
    SURPLUS/DEFICIT line and FOREIGN and LOCAL surplus/deficit lines are
    revealed for the first two years of the project. The data for the first two
    years is as follows (all expressed in the accounting currency, thousand
    rupees):
    ITEM YEAR
    1 2
    Surplus/deficit (total) (1,087.5) (709.1)
    Foreign surplus/deficit (612.5) (250.0)
    Local surplus/deficit (475.0) (459.1)
    Table 7: Data for total and for foreign and local surplus/deficit
    6. Accept the result with the OK pushbutton. Control returns to the Show
    results browser.
    E. FINANCE PLAN, INCOME TAX AND DATA ENTRY
    The financial conditions for the project are as follows:
    Debt/equity
    By agreement of the parties, the proportions of debt and equity are to be 60/40, respectively,
    of the initial investment in each of the two years of construction.
    Loan
    The development bank provides 60% of the initial investment with a loan at an interest
    rate of 12% to be repaid in three equal installments on 31/12 of years 3-5. Each year's
    requirements are covered by two disbursements on 1/1 and 1/7 of each year. Interestمحمد عطيه

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    تاريخ التسجيل: Aug 2006
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    during the construction phase is to be capitalized.
    Short-term loan
    If necessary, short-term financing is available to cover operating deficits at an interest
    rate of 20%.
    Opportunity cost of capital
    The cost of capital is 12% for both the total investment and for equity. For calculation
    of the MIRR, the reinvestment rate is 12% and the borrowing rate is 8%. The equity
    shares have a time horizon (for Short NPV calculation of 5 years).
    Corporate taxes
    Profits are taxed at a flat 20% of net income. A two-year tax holiday has been granted
    to the project as an incentive.
    Full convertibility is assumed so that all loans can be expressed in local currency
    (thousand Rs). Assigning 60% of the initial investment to the loan and 40% to equity,
    the preliminary finance plan is as shown in table 8.
    SOURCE OF FINANCE YEAR
    1 2
    Equity 435.0 283.7
    Development bank loan 652.5 425.4
    Total 1,087.5 709.1
    Table 8: Preliminary finance plan
    · Choose Data Input in the MODULE menu.
    The data input browser is displayed. Data can now be entered in the SOURCES OF
    FINANCE structure for equity and the loan and in the TAXES, ALLOWANCES node for the
    corporate tax conditions.
    II. Tomato canning 23
    1. Equity
    1. Extend the SOURCES OF FINANCE and then the EQUITY/RISK CAPITAL node
    by successively clicking the Extend Icon with the left mouse button at
    each level.
    2. Choose the Table Icon for the EQUITY SHARES node (subnode of
    EQUITY/RISK CAPITAL). The EQUITY SHARES window is displayed. No
    entries are necessary in the PREFERRED DIVIDENDS cells as all distributions
    are considered ordinary dividends.
    3. Select thousand rupees in the CURRENCIES drop-down list box (default
    selection).
    4. Select the Local radio button (default selection).
    5. Enter the equity values shown in table 8 for the first two years of the
    project in the periods 1/1 and 1/2 using the iconic buttons and entry
    field.
    6. Accept the data with the OK pushbutton. Control returns to the browser.
    Figure 18: Equity shares window
    2. Development bank loan
    1. Choose the Table Icon for the LONG-TERM LOANS node. The LONG-TERM
    LOANS window is displayed.
    2. Select thousand rupees in the CURRENCY drop-down list box (default
    selection).
    3. Select the Local radio button (default selection).
    4. Select the Conditions radio button (default selection). The CONDITIONS
    panel is displayed in the LONG-TERM LOANS window.
    Figure 19: Conditions panel - long-term loans window
    5. Select Constant principal in the TYPE drop-down list box.
    6. Select Yearly in the REPAYMENT drop-down list box.
    7. Select the FIRST REPAYMENT field and enter 31/12/5.
    8. Select the NUMBER OF REPAYMENTS field and enter 3. Some information
    is provided in display-only fields. MONTH INTEREST PAID is fixed by the
    FIRST REPAYMENT date. The PERIOD OF REPAYMENT fields show 3 years
    and 0 months as the length of the repayment phase. The LAST
    REPAYMENT is on 31/12/7.
    II. Tomato canning 25
    9. Select the Disbursements radio button. The DISBURSEMENTS panel is
    displayed in the LONG-TERM LOANS window.
    Figure 20: Disbursements panel - long-term loans window
    10. Select the New pushbutton and enter in the EDIT panel the following
    disbursements, assuming two equal disbursements in each of the first
    two years on 1/1 and 1/7. The aggregated amounts for each year
    appear in the AMOUNTS list box (1/1 - 652.5 and 1/2 - 425.4). The total
    amount of the outstanding loan is shown in the TOTAL display field
    (1,077.90).
    DATE AMOUNT
    1/1/1 326.25
    1/7/1 326.25
    1/1/2 212.70
    1/7/2 212.70
    Table 9: Data for disbursements
    11. Select the Interest radio button. The INTEREST panel is displayed in the
    LONG-TERM LOANS window.
    12. Use the EDIT panel to enter the Date (1/1/1) and the Rate (12%).
    13. Select the Capitalize interest check box and accept 12/2 as the until'
    date.
    14. For this particular project, no depreciation of interest accrued and no
    other financial costs have been defined.
    15. Accept the data in the LONG-TERM LOANS window with the OK pushbutton.
    Control returns to the input browser.
    Figure 21: Interest panel - long-term loans window
    3. Profit distribution
    1. Choose the Table Icon for the PROFIT DISTRIBUTION node (subnode of
    the SOURCE OF FINANCE node). The PROFIT DISTRIBUTION window is displayed.
    2. Use the iconic buttons to enter 100 for the RETAINED PROFIT (IN %) line
    of the list box in order to keep all the profit within the project.
    3. Accept the data with the OK pushbutton.
    4. Choose the Compress Icon of the SOURCES OF FINANCE node.
    II. Tomato canning 27
    4. Income (corporate) tax
    1. Choose the Table Icon for the INCOME (CORPORATE) TAX node (subnode
    of TAX, ALLOWANCES node). The INCOME (CORPORATE) TAX window is
    displayed with a column for one tax bracket (> 0.00, in %) to be applied
    to all net income.
    Figure 22: Income (corporate) tax window
    2. Enter 20% as the tax applicable for all years of the production phase
    with the iconic buttons and entry field.
    3. Choose the Tax conditions pushbutton. The TAX CONDITIONS modal
    window is displayed.
    Figure 23: Tax conditions modal window
    4. Select the TAX HOLIDAYS entry field and enter 2 years. Alternatively,
    select 12/4 in the UNTIL drop-down list box.
    5. Accept the data in the INCOME (CORPORATE) TAX window with the OK
    pushbutton.
    Control returns to the browser. Prior to saving the project file the PROJECT
    DESCRIPTION in the PROJECT IDENTIFICATION node is changed to indicate that this
    version includes the initial finance plan.
    1. Choose the Table Icon for the PROJECT IDENTIFICATION node.
    2. Change the text in the PROJECT DESCRIPTION multiple-line entry field to
    indicate that this version includes the finance plan for the project.
    3. Accept the new project identification with the OK pushbutton in the
    PROJECT IDENTIFICATIOn window.
    The project is now saved as described before. The FILENAME for this version is should
    be TOMCAN1 (please refer to the note given in chapter II. Tomato canning).
    F. DIVIDEND DISTRIBUTION PLAN
    Calculations are now performed on the file TOMCAN1 to determine the effects of
    defining the finance plan.
    These calculations are performed as described above for the TOMCAN file. When calculations
    are complete, the show results browser is automatically displayed. The results
    are reviewed to determine:
    · If any financing problems remain, such as a cumulative deficit of funds.
    · An appropriate income distribution plan (dividends distribution) within the limits
    of available profits and funds.
    The first question is resolved by reviewing the cash flow for financial planning.
    1. Extend the BUSINESS RESULTS node and the CASH FLOW FOR FINANCIAL
    PLANNING node successively by choosing the respective Extend Icon.
    2. Choose the Table Icon for the Total subnode of the CASH FLOW FOR
    FINANCIAL PLANNING node.
    The CASH FLOW FOR FINANCIAL PLANNING result is displayed. Use the vertical scroll
    bar and horizontal scroll bar to review the lines SURPLUS/DEFICIT and CUMULATIVE
    CASH BALANCE. As there are no cumulative deficits, the finance plan is considered
    acceptable.
    The second issue can be resolved by jointly reviewing the SURPLUS/DEFICIT and
    CUMULATIVE CASH DEFICIT for each period in the CASH FLOW FOR FINANCIAL
    PLANNING - TOTAL and the NET PROFIT in the INCOME STATEMENT AND RATIOS.
    II. Tomato canning 29
    It is possible to switch to another schedule (result) from the active RESULTS window
    without returning to the show results browser using the drop-down list boxes at the top
    of a RESULTS window. In this case the INCOME STATEMENT & RATIOS result is to be
    displayed.
    1. Select Income Statement & Ratios in the second drop-down list box.
    The NET INCOME STATEMENT is displayed.
    2. Use the vertical and horizontal scroll bars to review the NET PROFIT for
    each year of the production phase.
    The data for determining an appropriate dividend distribution policy are shown in table
    10 (from the NET INCOME STATEMENT and the CASH FLOW FOR FINANCIAL PLANNING -
    TOTAL schedules). The cumulative net profit and all the data concerning the dividends
    are not calculated by the program.
    YEAR 3 4 5 6 7
    Net profit (76.73) 152.02 304.62 384.94 425.27
    Cumulative net profit (76.73) 75.29 379.91 764.85 1,190.12
    Cash surplus/deficit 1.77 281.68 12.13 84.92 123.19
    Cumulative cash surplus/deficit 1.77 283.45 295.57 380.50 503.68
    Retained profit (% of net profit) 100.00 70.00 70.00 70.00 70.00
    Profit distributed (% of net profit) 0.00 30.00 30.00 30.00 30.00
    Dividend distribution plan 0.00 45.61 91.38 115.48 127.58
    Cumulative dividends 0.00 45.61 136.99 252.47 380.05
    Table 10: Data for determining an appropriate dividend distribution policy
    Assuming that 30% of the net profit is available for distribution as dividends with the
    further restriction that dividends cannot exceed the cumulative cash available, a distribution
    plan is developed as shown in table 10. The dividend distribution data are
    entered in the PROFIT DISTRIBUTION window.
    1. Choose Data Input in the MODULE menu. The input browser is displayed.
    2. Extend the SOURCES OF FINANCE node by clicking the Extend Icon with
    the left mouse button.
    3. Choose the Table Icon for the PROFIT DISTRIBUTION node. The PROFIT
    DISTRIBUTION window is displayed.
    4. In the PROFIT DISTRIBUTED (IN %) line of the list box enter the percentage
    of dividends as shown in table 10 (the RETAINED PROFIT line automatically
    is adjusted to 100 less PROFIT DISTRIBUTED, %). The equity
    shares are to receive 100% of the distribution, as shown in the last line
    of the list box of the PROFIT DISTRIBUTION window.
    5. Accept the data with the OK pushbutton.
    Control returns to the browser. Prior to calculations, the descriptive text for the file
    should be changed to indicate that this version includes the profit distribution. The
    PROJECT DESCRIPTION in the PROJECT IDENTIFICATION window is modified accordingly
    in a manner similar to that for the TOMCAN1 file as described above.
    The file is saved using Save Project as in the FILE menu, as in the case of the previous
    version, under the name TOMCAN2 (please refer to the note given in chapter II.
    Tomato canning).
    Prior to calculation it is normally necessary to select required results which are not
    default selections. In this case all necessary results are default selections. However,
    CASH FLOW FOR FINANCIAL PLANNING - FOREIGN is selected as an exercise.
    1. Choose Select Results in the MODULE menu. The select results
    browser is displayed. The icon at the left of each node is used for
    selection. A check appears in the icon when the node is selected. All
    subnodes of a selected node are automatically selected.
    2. Extend the BUSINESS RESULTS node one level by clicking the Extend
    Icon.
    3. Extend the CASH FLOW FOR FINANCIAL PLANNING node one level by clicking
    the Extend Icon with the left mouse button.
    4. Select the FOREIGN subnode of CASH FLOW FOR FINANCIAL PLANNING by
    clicking the icon at the left with the mouse (a check appears in the icon
    when it is selected).
    Perform the calculation by choosing Calculation in the MODULE menu as in the previous
    version of the file. When calculations are complete, control returns automatically to
    the show results browser.
    Any result can now be reviewed by choosing the (numerical) Results Icon or the
    Graphics Icon for its node. The general procedure is as follows:
    1. Extend the section of the show results browser containing the node of
    interest by successively clicking the Extend Icon with the left mouse
    button until reaching the desired level of the structure.
    2. Choose the Results Icon or the Graphics Icon for the node.
    The schedule or graph is displayed. Alternatively, any available schedule or graph can
    be selected from the series of drop-down list boxes at the top of each RESULTS window,
    which are numbered in order of position in the structural hierarchy.
    The project files TOMCAN, TOMCAN1 and TOMCAN2 are included in the COMFAR III
    Expert diskettes and may be loaded and reviewed
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