Bms - Financial Management Solution - 2012

Quest tutorials -Classes for BMS, BBI & BFM
Financial Management
FINANCIAL MANAGEMENT 2012 UNIVERSITY PAPER SOLUTION

Section 1
1. (a) Explain the following concepts: i. Distinguish between Operating Leverage and Financing leverage. (note: put the meaning and any one point for 1 mark) SR.NO Operating Leverage Financial Leverage 1. Operating Leverage results from the Financial Leverage results from the existence of fixed operating presence of fixed financial charges in expenses in the firms income the firms income stream. stream. 2. It is determined by the relationship It is determined by the relationship between a firms sales revenues and between a firms earnings before its earnings before interest and interest and tax and after subtracting the taxes. (EBIT) interest component. 3. 4. 5 6. 7. Operating Leverage = Contribution EBIT It relates to the Assets side of Balance Sheet. It involves operating risk of being unable to cover fixed operating cost. It is concerned with investment decisions. It is described as a first stage leverage. Financial Leverage = EBIT EBT It relates to the Liability side of the Balance Sheet. It involves financial risk of being unable to cover fixed financial cost. It is concerned with financing decisions. It is described as a second stage leverage.
ii. What is Trading on Equity? (A) Trading on Equity refers to the practice of using borrowed funds which carries a fixed charge, to obtain a higher return to the Equity Shareholders. With a larger proportion of the debt in the financial structure, the earnings, available to the owners would increase more than proportionately, with an increase in the operating profits of the firm. This is because the debt carries a fixed rate of return and if the firm is able to earn, on the borrowed funds, a rate higher than the fixed charges on loans, the benefit will go to the shareholders. This is referred to as "Trading on Equity". But higher trading on equity could increase the financial leverage and could lead to a higher financial risk. Thus the concept of trading on equity is the financial process of using debt to produce gain for the residual owners or the equity shareholders. iii. What are Gross and Net Working Capital? (A) Gross working capital: The gross working capital refers to investment in all the current assets taken together. Net working capital: The term net working capital refers to excess of total current assets over total current liabilities. (CA CL) iv. What are Inter corporate Deposits? (A) Inter corporate Deposits: A deposit made by one company with another, normally for a period upto six months, is referred to as inter corporate deposit. Such deposits are usually are 3 types:
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1) Call Deposits: A call deposit is with drawable by the lender on giving a days notice. In practice, however the lender has to wait for at least three days. The interest on such deposit maybe around 16%. 2) Three months deposit: These are more popular in practice. These deposits are taken from borrowers to tied over a short term cash inadequacy that maybe caused by one or more of the following factors: disruption in production, excessive imports of raw materials, tax payment, delay in collection, dividend payment and unplanned capital expenditure. The interest on such deposits is around 18% per annum. 3) Six months deposits: Normally, lending companies do not extend deposits beyond this time frame. Such deposits usually made with first class borrowers. These deposits carry an interest rate of around 20% pa. v. What is P/E ratio? (A) The ratio gives relationship between the market price of the stock and its earnings by revealing how earnings affect the market price of the firms stock. Market price of the share Earnings per share It is the most popular financial ratio in the stock market for secondary market investors. If a stock has a low P/E multiple as compared to another stock in the same industry having similar characteristics (such as profitability, etc.) then it may be considered as an undervalued stock. The main use of P/E ratio is it helps to determine the expected market value of the stock (b) Attempt any 2 of the following three: i. The following data is furnished to you regarding two companies Ajanta and Barley operating in the industry. Ajanta Barley Raw material in stock in terms of days 80 73 Work in Progress (no. of days) 42 25 Finished Goods Stock (no. of days) 49 45 Average Collection Period (no. of days) 65 50 Average payment Period (no. of days) 62 55 On the basis of above calculate the operating cycle and cash cycle of business for each of the two companies. Solution: Operating Cycle Ajanta Raw Material Storage period (+) processing period (+) finished goods storage period (+) Debtors Collection period (-) Creditors Payment period Operating Cycle Cash Cycle = Stock period + Debtors collection period Ajanta Raw Material Storage period (+) processing period (+) finished goods storage period (+) Debtors Collection period Cash Cycle
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Price-earnings ratio
Barley 80 42 49 65 (62) 174 Barley 80 42 49 65 236 73 25 45 50 193 73 25 45 50 (55) 138
ii. A company Meenu Ltd. has issued 10% debenture of face value ` 100 each which are redeemable at par after 10years. Assuming that tax rate applicable is 40% and the floatation cost of debentures is 5%. Calculate the cost of debenture for the company. Solution: Face Value = ` 100 Interest = 10% of FV = 10% of 100 = ` 10 Floatation Cost = 5% of FV = 5% of 100 =`5 Net Proceeds = Face Value Floatation Cost = 100 5 = ` 95 Kd = Interest + (Face Value Net Proceeds) No of years x 100 (1 tax rate) (Face Value + Net Proceeds) 2 = 10 + (100 95 / 10) (100 + 95 / 2) x 100 (1 0.4) = 10.5 97.5 Kd iii. = 6.46%
x100 (0.6)
Determine the Operating and Financial Leverage from the following data: Particulars A B C Contribution 6,00,000 1,00,000 5,00,000 10% debentures 50,000 40,000 80,000 Fixed Overheads 10,000 20,000 30,000 Solution: Particulars A B C Contribution 6,00,000 1,00,000 5,00,000 (-) Fixed Overheads 10,000 20,000 30,000 EBIT 5,90,000 80,000 4,70,000 (-) Interest 5,000 4,000 8,000 EBT 5,85,000 76,000 4,62,000 Operating leverage = Contribution / EBIT Financial leverage = EBIT / EBT 2. Project A Year Cash Inflow 1 2 1 7,00,000 2 10,00,000 6,00,000 / 5,90,000 = 1.02 times 5,90,000/ 5,85,000 = 1.01 times 1,00,000 / 80,000 =1.25 times 80,000 / 76,000 = 1.05 times 5,00,000 / 4,70,000 = 1.06 times 4,70,000 / 4,62,000 = 1.02 times
Cumulative 3 7,00,000 17,00,000

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PV factor @12% 4 0.893 0.797
PVCI 5 = (2x4) 6,25,100 7,97,000
3 4 5
9,00,000 8,00,000 4,00,000
26,00,000 0.712 34,00,000 0.636 38,00,000 0.567 PV of Cash Inflow (-) PV of Cash Outflow NPV
6,40,800 5,08,800 2,26,800 27,98,500 30,00,000 (2,01,500)
Pay Back Period = 3 + 30,00,000 26,00,000 8,00,000 = 3 + 0.5 = 3.5 years. Project B Year Cash Inflow 1 2 1 8,00,000 2 8,00,000 3 8,00,000 4 8,00,000 5 6,00,000 6 2,00,000
Cumulative PV factor @12% 3 4 8,00,000 0.893 16,00,000 0.797 24,00,000 0.712 32,00,000 0.636 38,00,000 0.567 40,00,000 0.507 PV of Cash Inflow (-) PV of Cash Outflow NPV
PVCI 5 = (2x4) 7,14,400 6,37,600 5,69,600 5,08,800 3,40,200 1,01,400 28,72,000 30,00,000 (1,28,000)
Pay Back Period = 3 + 30,00,000 24,00,000 8,00,000 = 3 + 0.75 = 3.75 years. Method Pay Back Period Recommendation Project A since it has lesser payback NPV (2,01,500) (1,28,000) Not recommended since NPV is negative. -------------------------------------------------------------------------------------------------------------------------Project A 3.5 years. Project B 3.75 years.
Section 2
3. Working Note: Particulars Sales Credit sales (80%) Bad Debts (on credit sales) Present policy (1m = 30days) 30,00,000 24,00,000 1% Option 1 (4m = 120days) 40,00,000 32,00,000 4% Option 2 (20days) 35,00,000 26,60,000 0.5%
Option 2: Calculation of credit sales Net sales = 35,00,000 (5% of 35,00,000) = 35,00,000 1,75,000 = 33,25,000 There fore credit sales = 33,25,000 x 80% = 26,60,000
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Evaluation of Credit Plans Particulars Credit sales (80%) (-) Variable cost (50% of total sales) Contribution (A) Average investment in receivables (Debtors on sales) (B) Cost of Extending Credit 15% Opportunity cost Bad debts Total Cost of Extending Credit (B) Net Benefits (A B) Incremental Benefits Present policy (1m = 30days) 24,00,000 15,00,000 9,00,000 30 x 24,00,000 360 = 2,00,000 Option 1 (4m = 120days) 32,00,000 20,00,000 12,00,000 120 x 32,00,000 360 = 10,66,667 Option 2 (20days) 26,60,000 17,50,000 9,10,000 20 x 26,60,000 360 =1,47,778
30,000 24,000 54,000
1,60,000 1,28,000 2,88,000
22,167 13,300 35,467
8,46,000 --
9,12,000 66,000
8,74,533 28,533
Recommendation: The company should adopt option 1 i.e. 4 months as credit policy since it has highest net margin of ` 9,12,000 and incremental benefits of ` 66,000 4. Working Note: 1. No. of units monthly = 5,000 2. Other Direct expenses (monthly) = 1,26,00,000 12 = 10,50,000 3. Particulars Per Unit Raw materials 550 Direct Labour 240 Direct Expenses 210 Total Cost price 1,000 (+) Profit 20% of cost price 200 Selling Price (Sales) 1,200
Per month (5,000 units) 27,50,000 12,00,000 10,50,000
60,00,000
4. Work in progress = Raw materials + labour + Manufacturing overheads = 27,50,000 + ( x 12,00,000) + ( x 10,50,000) = 27,50,000 + 6,00,000 + 5,25,000 WIP = 38,75,000 5. Finished Goods = Raw materials + labour + Manufacturing overheads = 27,50,000 + 12,00,000 + 10,50,000 Finished Goods = 50,00,000 6. Debtors (on sales) = Total sales = 60,00,000
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7. Creditors = Raw materials x 80% = 27,50,000 x 80% Creditors = 22,00,000 Statement of Working Capital Cost per Credit month period
Particulars A) Current Assets Stock: Raw material WIP Finished Goods Total Stock Debtors Total Current Assets (A) B) Current Liability Creditors (80%) o/s wages o/s direct expenses Total Current Liability (B) Net Working Capital (A B) (+) Cash 15% Total Working capital
WN no.
Amt (`)
Amt (`)
3 4 5 6
27,50,000 38,75,000 50,00,000 60,00,000
2 1 1.5 2
55,00,000 38,75,000 75,00,000 1,68,75,000 1,20,00,000 2,88,75,000
7 3 3
22,00,000 12,00,000 10,50,000
2 1 0.5
44,00,000 12,00,000 5,25,000 61,25,000 2,27,50,000 34,12,500 2,61,62,500
5. (a) Determine various objectives of holding cash? (A) Cash is the important current asset for the operations of the business. Cash is the basic input needed to keep the business running on a continuous basis. The firm should keep sufficient cash neither more nor less. Cash shortage will disrupt the firms manufacturing operations while excessive cash will simply remain idle, without contributing anything towards the firms profitability. Thus a major function of a financial manager is to maintain a sound cash position. Cash is the money which a firm can disburse immediately without any restrictions. The term cash includes coins, currency and cheques held by the firm, and balances in its bank accounts. Need for Cash / Motives of Holding Cash: The following are the motives for holding cash: - Transaction need: This refers to the holding of cash to meet routine cash requirements to finance the transactions, which firm carries on in the ordinary course of business. A firm enters into a variety of transactions to accomplish its objectives that have to be paid for in the form of cash. For example, cash payments have to be made for purchases, wages, operating expenses financial charges like interest, taxes, and dividends and so on. - Speculative need: A firm keeps cash balance to take advantage of unexpected opportunities, typically outside the normal course of the business. Such motive is therefore, of purely a speculative nature. For example, a firm may like to take advantage of an opportunity of purchase raw materials at the reduced price on payment of immediate cash
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Precautionary need: A firm keeps cash balance to meet unexpected contingencies such as floods, strikes, presentments of bills for payment earlier than the expected date, sharp increase in prices of raw materials etc. The more is the possibility of such contingencies; more is the amount of cash kept by the firm for meeting them. Compensation need: Banks provide a variety of services to business firms, such as clearance of cheque, supply of credit information, transfer to funds, and so on. While for some of these services, banks charge a commission or fee, for others they seek indirect compensation. Usually clients are required to maintain a minimum balance of cash at the bank. Since the firms for transaction purposes cannot utilize this balance, the banks themselves can use the amount to earn a return. Such balances are compensating balances.
(b) Briefly explain need for capital Budgeting and Instruments of Capital budgeting? (A) Need for Capital budgeting: (1) Indirect Forecast of Sales: The investment in fixed assets is related to future sales of the firm during the life time of the assets purchased. It shows the possibility of expanding the production facilities to cover additional sales shown in the sales budget. Any failure to make the sales forecast accurately would result in investment or under investment in fixed assets and any erroneous forecast of asset needs may lead the firm to serious economic results. (2) Comparative Study of Alternative Projects: Capital budgeting makes a comparative study of the alternative projects for the replacement of assets which are wearing out or are in danger of becoming obsolete so as to make the best possible investment in replacement of assets. For this purpose, the profitability of project is estimated. (3) Timing of Assets-Acquisition: Proper capital budgeting leads proper timing of assetsacquisition and improvement in qualitys assets purchased. It is due to the nature of demand and supply capital goods. The demand of capital goods does not arise sales impose on productive capacity and such situation occurs intermittently; On the other hand, supply of capital goods with availability is one of the functions of capital budgeting. (4) Cash Forecast: Capital investment requires substantial funds which can only be arranged by making determined efforts to ensure availability at the right time. Thus it facilitates cash forecast. (5) Worth-Maximization of Shareholders: The impact of long term capital investment decisions is far reaching. It protects the in of the shareholders and of the enterprise because it avoids over- investment and under-investment in fixed assets. By selecting the most profitable projects, the management facilitates the wealth maximization of equity shareholders. (6) Irreversibility: Long term asset investment decision are not easily reversible and that too, at so much financial loss to the firm; due to difficulties in finding out market for such capital items once they have been used. Hence firm will incur more losses in that type of capital asset. (7) Huge Investment: Long term asset involves more initial cash outflow which makes it imperative for the firm to plan its investment programmes very carefully and make an advance arrangement of funds either from internal or external source of or both the source.
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(8) More Risky: Investment in long term asset increase average profit but it may lead to fluctuation in its earning, and then firm will become more risky. Hence investment decision decides the future of the business concern. (9) Difficult Decision: Capital budgeting decision is very difficult because it involves decision of future years cash flow, uncertainty of future and more risk. Instruments of Capital budgeting 1. Payback period A) The payback period is also one of the derivatives of the cash flows. It is a simple technique and does not employ the discounted cash flow techniques. It simply measures the time within which the initial investment of the project would or can be recovered based on the cash accruals generated by the project. 2. Pay back profitability: This is a modification of payback period method. It considers total net cash flows remaining after recovering cost of investment. The selection of the project is based on the profitability after the pay-off period. Pay Back Profitability = Net Cash Flow x (Expected life of the project Less Payback period) The real profitability of an investment depends on the number of years it will continue to operate after the pay-back period. 3. Average rate of Return A) The Average Rate of Return (ARR) method is also known as "Accounting Rate of Return Method" or "Financial Statement Method" or "Return on Investment Method" or "Unadjusted Rate of Return Method." It attempts to measure the rate of return on investment on the basis of the accounting information contained in the financial statements. Normally, a minimum (cut-off) rate of return is determined and fixed by the firms which constitutes the accept/reject criterion. Projects expected to give a return below this rate are rejected, otherwise accepted. In case of several alternative investment proposals, projects with higher ARR would be preferred to those having lower ARR. ARR based on Original Investment ARR = Average Net Profit after Tax Original Investment X 100 ARR based on Average Investment ARR = Average Net Profit after Tax Average Investment X 100 Average Investment = (Initial cost of machine - Salvage value) + Additional Net + Salvage Value 2 Capital Working 4. Net Present Value method. A) The cash inflows and outflows are discounted using a certain discount factor. This helps in determining the present value of the cash flows. The discount factor is the rate that is acceptable to the management. The sum of the present value of the cash inflows is then subtracted from the present value of the cost of the project. If the cash inflows exceed the cash outflows, the project is accepted, if not the project is rejected. NPV = Present value of cash inflows (-) Original Investment
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If NPV is Positive then Accept NPV is Negative then Reject NPV > zero Accept NPV < zero Reject NPV = Zero Indifferent. Longer life span lower the value of money higher the discount rate. 5. Profitability Index (PI) is also known as Benefit Cost (B/C) Ratio. It is the relation between present value of future net cash flows and the initial cash outlay. In case of mutually exclusive investment proposals, the acceptance criterion is; higher the index, the more profitable is the proposal and vice versa PI = Gross Present Value of Cash Inflows Present Value of Cash Outflows Profitability index is an extension of present value method. PI expresses the relative profitability. PI is to be used only when: i. Initial investment is not same. ii. When all the projects show positive net present value. When NPV is negative PI is not to be considered. 6. Discounted Payback period. A) In this method the net present values are added cumulatively from the start of the project until the sum becomes positive. The turning point when the NPV becomes positive is the discounted payback period of the project. The discounted payback period is defined as the time when the invested capital has been returned together with the interest cost of the funds associated with it. Here the rate of discount used to arrive at the present values of the net cash flows is the cost of capital. 6. Write short notes on any two of the following:a. Objectives of Financial Management (A) Financial Management means planning, organizing, directing and controlling the financial activities such as procurement and utilization of funds of the enterprise. It means applying general management principles to financial resources of the enterprise. Financial Management is the operational activity of a business that is responsible for obtaining and effectively utilizing the funds necessary for efficient operations.- Joseph and Massie. Objectives of Financial Management The objectives of financial management should be clear and should guide the financial manager to take proper decisions. There are two main objectives: 1. Profit Maximization 2. Wealth Maximization 1. Profit Maximization It has been traditionally argued that the objective of the company is to maximize the profits and hence the objective of the financial management is also profit maximization. The logic behind this thinking is that profit is the source of income and reward for the risk and uncertainties in business. So according to the profit maximization approach actions that increase profits should be undertaken and those that decrease profits are to be avoided. Arguments in favour of profit maximization: 1. Profit is test of economic efficiency 2. It provides a yardstick to measure economic performance.
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3. It leads to efficient allocation of resources Arguments against profit maximization: 1. The term profit is ambiguous and vague. It is subject to different interpretations. Some of the interpretations that can be possible are that profit can be long term profits or short term profits. It could mean total profits or rate of profits. 2. It ignores the time value of money. 3. This approach considers only the size of profits and gives no weight to the degree of uncertainty of the future benefits. 2. Wealth Maximization Wealth maximization means maximization of the wealth of the shareholders. Wealth maximization objective is superior to profit maximization objective. It overcomes the drawback of profit maximization criteria. Its operational feather satisfies all the three requirements of a suitable operational objective of financial courses of action namely, exactness, quality of benefits and the time value of money. Wealth maximization concept is measured in terms of cash flows rather than accounting profits. Cash flows are calculated by taking into account the time value of money. Measurement of benefits in terms of cash flows avoids the possibility of ambiguity associated with accounting profits. The fundamental objective of every firm is to maximize shareholders wealth through maximization of profits. Maximizing the value of shareholders claim not only helps in making the company financially stronger but also provides funds for future expansion. The wealth of owners is reflected in the market value of shares. The wealth maximization implies the maximization of market price of shares. b. Accounting rate of return (A) The Average Rate of Return (ARR) method is also known as "Accounting Rate of Return Method" or "Financial Statement Method" or "Return on Investment Method" or "Unadjusted Rate of Return Method." It attempts to measure the rate of return on investment on the basis of the accounting information contained in the financial statements. Normally, a minimum (cut-off) rate of return is determined and fixed by the firms which constitutes the accept/reject criterion. Projects expected to give a return below this rate are rejected, otherwise accepted. In case of several alternative investment proposals, projects with higher ARR would be preferred to those having lower ARR. There are two possible interpretations of investment: The original cost of investment, and Average investment. Average investment takes into consideration that the original investment in an asset diminishes from year to year over its life because of recovering capital cost by way of depreciation charges assuming that the straight line method is used for charging depreciation. In this case the average investment over the lifetime of the asset is half the depreciable part plus the whole of the non-depreciable part (i.e. scrap value) of the cost of asset. ARR based on Original Investment ARR = Average Net Profit after Tax Original Investment
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X 100
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ARR based on Average Investment ARR = Average Net Profit after Tax Average Investment
X 100
Average Investment = (Initial cost of machine- Salvage value) + Additional Net working capital + Salvage Value 2 It is easy to understand and simple to calculate. This method does not take into account the time value of money, i.e. it does not discount the future cash inflows. This method does not differentiate the alternative investment proposals in terms of their magnitude of investments. c. Preference Share Capital (A) Preference shares have some attributes similar to equity shares and some to debentures. Like in the case of equity shareholders, there is no obligatory payments to the preference shareholders and the preference dividends is not tax deductible (unlike in the case of debenture holders where in interest payments is obligatory). However similar to the debenture holders the preference holders earn a fixed rate of return for their dividend payments. In addition to this the preference share holders have preference over equity shareholders to the post tax earnings in the form of dividends and assets in the event of liquidation. Other features of the preference capital include the call feature wherein the issuing company has the option to redeem the shares, (wholly or partly) prior to the maturity date, at a certain price. Prior to the Company's Act, 1956 companies could issue preference shares with voting rights. However, with the commencement of Company's Act, 1956 the issue of preference rights with voting rights have been restricted only to the following places: a. There are arrears in dividends for two or more years in case of cumulative preference shares. b. Preference dividends is due for a period of two or more consecutive preceding years, or c. In the preceding six years including the immediately preceding financial year, if the company has not paid the preference dividend for a period of three or more years. Preference capital represents a hybrid form of financing - it takes some characteristics of equity and some attributes of debentures. It resembles equity in the following ways: 1. Preference dividend is payable only out of distributed profits 2. Preference dividend is not an obligatory payment (the payment of preference dividend is entirely within the discretion of the directors) Preference capital is similar to debentures in several ways 1. The dividend rate of preference capital is usually fixed 2. The claim of preference shareholders is prior to the claim of equity shareholders 3. Preference shareholders do not normally enjoy the right to vote. Advantage and disadvantage of preference capital: Preference capital has the following advantages 1. There is no legal obligation to pay preference dividend. A company does not face bankruptcy or legal action if it skips preference dividend.
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2. There is no redemption liability in the case of perpetual preference shares. Even in the case of redeemable preference shares, financial distress may not be much because a. Periodic sinking fund payments are not required b. Redemption can be delayed without significant penalties 1. Preference capital is generally regarded as part of Net worth. Hence it enhances the credit worthiness of the firm 2. Preference shares do not, under normal circumstances, carry voting right. Hence there is no dilution of control. Preference capital however suffers from some serious shortcomings. 1. Compared to debt capital, it is an expensive source of financing because the dividend paid to preference shareholders is not, unlike debt interest, or tax deductible expense. 2. Though there is no legal obligation to pay preference dividends, skipping them can adversely affect the image of the firm in the capital market. 3. Compared to equity shareholders, preference shareholders have a prior claim on the assets and earnings of the firm.
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Quest tutorials -Classes for BMS, BBI & BFM

FINANCIAL MANAGEMENT 2012 UNIVERSITY PAPER SOLUTION

Quest tutorials -Classes for BMS, BBI & BFM

Barley 80 42 49 65 (62) 174 Barley 80 42 49 65 236 73 25 45 50 193 73 25 45 50 (55) 138

Quest tutorials -Classes for BMS, BBI & BFM

Cumulative 3 7,00,000 17,00,000

PV factor @12% 4 0.893 0.797

PVCI 5 = (2x4) 6,25,100 7,97,000

Quest tutorials -Classes for BMS, BBI & BFM

9,00,000 8,00,000 4,00,000

6,40,800 5,08,800 2,26,800 27,98,500 30,00,000 (2,01,500)

Quest tutorials -Classes for BMS, BBI & BFM

30,000 24,000 54,000

1,60,000 1,28,000 2,88,000

22,167 13,300 35,467

Per month (5,000 units) 27,50,000 12,00,000 10,50,000

Quest tutorials -Classes for BMS, BBI & BFM

27,50,000 38,75,000 50,00,000 60,00,000

55,00,000 38,75,000 75,00,000 1,68,75,000 1,20,00,000 2,88,75,000

22,00,000 12,00,000 10,50,000

44,00,000 12,00,000 5,25,000 61,25,000 2,27,50,000 34,12,500 2,61,62,500

Quest tutorials -Classes for BMS, BBI & BFM

Quest tutorials -Classes for BMS, BBI & BFM

Quest tutorials -Classes for BMS, BBI & BFM

Quest tutorials -Classes for BMS, BBI & BFM

Quest tutorials -Classes for BMS, BBI & BFM

Quest tutorials -Classes for BMS, BBI & BFM

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