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Toy World

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Finanzas

Escuela Politécnica del Litoral Maestría en Administración de Empresas ESPAE Francisco Alemán MAE 32 Tema TOY WORLD INC Integrantes: Daniela Vera Andrea Valencia Evelyn Soria Juan José Peralta Luis Paul Bajaña Christian Cruz

2015

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
1. Características del Mercado
Toy World Inc. se encuentra en un mercado donde las ventas son estacionales, la manufactura es simple y de sencilla tecnología. Se requiere poca inversión (lo que permite la entrada de competidores) y hay una constante guerra de precios en la industria.

2. Matriz Porter
Rivalidad entre Competidores en la Industria Potencial Número de Competidores Competencia en precios Introducción de nuevos productos Amenaza Nuevos Entrantes Barreras de entrada Requisitos de Capital Costos por cambio de proveedor Amenaza Productos Sustitutos Juguetes importados (mano de obra barata) Juguetes copiados por la Competencia Poder Negociador de Proveedores Integración vertical Poder Negociador de Clientes Diferenciación de productos Costo de cambio de proveedor Volumen de compra por cliente Alta Alta Alta Alta Alta Baja Bajo Bajo Alta Alta Alta Media Media Media Baja Bajo Medio

3. Preguntas
a. ¿Qué factores podría considerar el señor McClintock para decidir si adopta o no el plan de producción uniforme?
El señor McClintock debe analizar las necesidades de financiamiento según el plan de producción uniforme, adicionalmente debe ver si el límite de crédito actual de 2 millones es suficiente para cubrir dichas necesidades, en caso de que si cubra lo antes mencionado debe cerciorarse de cuáles serían los riesgos involucrados en el plan de producción uniforme.

b. ¿Qué ahorros se tendrían?
Los ahorros esperados con el esquema de producción uniforme serian: Horas extras por $225.000, más los costos directos de mano de obra por $265.000, a esto se le resta los gastos adicionales que según el caso son: $115.000, dándonos como resultado unos ahorros de: $375.000. Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
Descripción Eliminación sueldos adicionales Ahorro en costo directo adicional de M.O Ahorros brutos Aumento de costo de almacenamiento Ahorros antes de impuestos Impuestos de 34% Ahorro Neto Monto 225.000 265.000 490.000 115.000 375.000 127.500 247.500

c. Estime el monto de fondos adicionales requeridos y el tiempo en que se necesitan bajo una producción uniforme. Prepare el Estado de Resultados Proforma y el Balance General Proforma (en lugar del Flujo de Caja) para hacer este estimado. Ignore los gastos por intereses al hacer estos estimados.
ESTADO DE PERDIDAS Y GANANCIAS PROFORMA CON MODELO DE PRODUCCION UNIFORME Ene Feb Mar Abr May Jun Jul Ago Sep Oct Nov Dic Total Ventas 120 140 160 140 140 140 160 1.620 1.840 2.140 2.285 1.115 10.000 Costo de Ventas 78 91 104 91 91 91 104 1.055 1.198 1.393 1.488 726 6.510 Utilidad Bruta 42 49 56 49 49 49 56 565 642 747 797 389 3.490 Gastos Operativos 205 207 209 211 213 215 217 214 211 208 203 202 2.515 Gasto Intereses 7 4 4 7 12 17 21 26 31 30 23 14 196 Intereses cobrados 1 2 1 1 1 1 1 1 1 1 1 1 13 Utilidad/Perdida antes de impuestos (169) (160) (156) (168) (175) (182) (181) 326 401 510 572 174 792 Impuestos (58) (54) (53) (57) (60) (62) (62) 111 136 173 195 59 269 Utilidad Neta (112) (106) (103) (111) (116) (120) (120) 215 265 337 378 115 523
Nota: Los gastos de operación de 2.4 millones se suponen que se distribuyen uniformemente a través del año. Los 115000 de aumento de los costos de almacenamiento y manipulación se asignan a cada mes en base al inventario pendiente al final de cada mes como un porcentaje de la suma de todo el inventario final de los 12 meses.

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
BALANCE GENERAL PROFORMA CON MODELO DE PRODUCCION UNIFORME Activos Activo Corriente Efectivo (caja) Cuentas por cobrar Inventario Total Planta y Equipo TOTAL ACTIVO 1.994 1.993 Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre 200 2.905 586 3.691 1.176 4.867 628 1.060 1.050 2.738 1.176 3.914 816 200 200 200 260 300 300 280 1.502 1.940 2.391 2.843 2.578 2.440 2.891 3.323 1.176 1.176 1.176 1.176 3.754 3.616 4.067 4.499 200 280 3.294 3.774 1.176 4.950 200 300 3.733 4.233 1.176 5.409 200 1.780 3.220 5.200 1.176 6.376 200 3.460 2.565 6.225 1.176 7.401 200 3.980 1.714 5.894 1.176 7.070 200 4.425 769 5.394 1.176 6.570 200 3.400 586 4.186 1.176 5.362

Pasivos y Capital Pasivo Corriente Cuentas a pagar comerciales 282 250 Documentos por pagar a Bancos 752 0 Impuestos acumulados 88 30 Deuda a L/P, porción actual 50 50 Total Pasivo Corriente 1.172 330 Deuda a largo plazo 400 400 Capital de accionistas 3.295 3.183 TOTAL PASIVO Y CAPITAL 4.867 3.914

250 250 250 0 106 760 (24) (165) (257) 50 50 50 276 241 803 400 400 400 3.078 2.975 2.864 3.754 3.616 4.067

250 1.367 (317) 50 1.350 400 2.748 4.499

250 2.060 (413) 50 1.947 375 2.628 4.950

250 2.700 (475) 50 2.525 375 2.508 5.409

250 3.341 (363) 50 3.278 375 2.724 6.376

250 4.000 (263) 50 4.037 375 2.988 7.401

250 3.159 (90) 50 3.369 375 3.325 7.070

250 2.087 106 50 2.493 375 3.703 6.570

250 764 130 50 1.194 350 3.818 5.362

Necesidades de préstamo vs niveles de Producción: Al adoptar un esquema de producción uniforme, se debe solicitar un préstamo para asegurar la operación de Toy World Inc. Se necesitara de financiamiento durante los 7 primeros meses de producción para cubrir el pago de los insumos (neto 30).

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
d. Compare las tendencias de pasivos bajo los planes alternativos de producción. ¿Qué implicaciones tienen estas diferencias para el riesgo asumido por las distintas partes? Observando el gráfico detallado en el anexo 4 podemos concluir:  Los pasivos obtenidos mediante el modelo estacional son mucho menos volátiles que los obtenidos mediante el modelo uniforme, tanto así es el caso que en los meses de marzo hasta julio se tiene superávit, es decir tenemos pasivos negativos.  El modelo uniforme incurre en pasivos mucho mayores, tanto así que se tiene un máximo de 4037 en el mes de septiembre, lo que influye en el flujo de caja.  Si se usa el modelo uniforme se incurre en el riesgo de que en ciertos meses se necesite de mayor flujo de efectivo, lo cual implica un mayor uso de su línea de crédito para con el banco.  Al utilizar el modelo uniforme de producción se corre el riesgo de obtener inventario obsoleto, debido a que se encuentran en una industria cambiante como la de los juguetes, ya que esta se mueve debido a los nuevos diseños y a la innovación constante.  Se recomienda no aceptar el modelo uniforme de producción.

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
Anexo 1 – Flujo de Caja
FLUJO DE CAJA Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre Ingresos Ventas 1.965 Ingreso de intereses después de impuestos 1 Total Ingresos 1.966 Egresos Cuentas por pagar Pago de impuestos Repayment de deuda a L/P Gastos Operativos Gastos intereses Sueldos Total Ingreso-Egreso Saldo inicial SALDO FINAL Monto necesario al final del mes Préstamo Pagado/Solicitado Saldo final del préstamo Saldo final de efectivo 940 2 942 120 1 121 140 1 141 160 1 161 140 1 141 140 1 141 140 1 141 160 1 161 1.620 1 1.621 1.840 1 1.841 2.140 1 2.141

282

250

205 7 292 786 1.180 200 1.380 200 (752) 628

207 4 293 754 188 628 816 200

250 250 35 25 209 211 213 215 217 4 7 12 17 21 292 292 293 292 293 843 795 768 834 781 (722) (654) (607) (693) (640) 816 200 200 200 200 94 (454) (407) (493) (440) 200 106 106 200 200 654 760 200

250 88

250 35

250

250

250 35 211 31 293 820 (659) 200 (459) 200 659 4 200

250

250

214 26 292 782 (641) 200 (441)

208 30 292 780 841 200 1.041 200 (841) 3.159 200

203 23 293 769 1.072 200 1.272 200 (1.071) 2.087 200

250 34 25 202 14 293 818 1.323 200 1.523 200 (1.323) 764 200

816

200 200 200 200 607 693 640 641 1.367 2.060 2.700 3.341 200 200 200 200

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
4. Anexo 2 – Cálculo de inventario
Calculo de inventario Bienes finales completados Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre 542 543 542 542 543 542 543 542 543 542 543 543 Costo de bienes vendidos 78 91 104 91 91 91 104 1.055 1.198 1.393 1.488 726 InventarioCosto de ventas 464 452 438 451 452 451 439 (513) (655) (851) (945) (183) Inventario final 586 1.050 1.502 1.940 2.391 2.843 3.294 3.733 3.220 2.565 1.714 769 Inventario Inicial para Balance General 1.050 1.502 1.940 2.391 2.843 3.294 3.733 3.220 2.565 1.714 769 586

5. Anexo 3 – Cálculo de impuestos
Calculo de impuestos Impuestos Impuestos Impuestos acumulados del mes Impuestos Pagados al final del pasado mes 88 (58) 30 30 (54) (24) (24) (53) 88 (165) (165) (57) 35 (257) (257) (60) (317) (316) (62) 35 (413) (413) (62) (475) (474) 111 (363) (364) 136 35 (263) (263) 173 (90) (89) 195 106 105 59 34 130

Enero Febrero Marzo Abril Mayo Junio Julio Agosto Septiembre Octubre Noviembre Diciembre

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

Finanzas
6. Anexo 4 – Comparación entre pasivos de los distintos modelos de producción propuestos

Enero Pasivos Modelo Estacional Pasivos Modelo Uniforme 117 330

Febrero 69 276

Marzo -64 241

Abril -159 803

Mayo -213 1350

Junio -302 1947

Julio Agosto Septiembre Octubre Noviembre Diciembre -350 617 2072 2311 2446 1366 2525 3278 4037 3369 2493 1194

Grupo # 8 Andrea Valencia - Daniela Vera - Evelyn Soria - Luis Bajaña - Juan Peralta - Christian Cruz

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...brand. Corporations, such as Toys“R”Us, Inc. have been able to benefit from acquisitions in ways that corporations, such as smaller businesses have not. Through the evaluation of the strategies that were utilized by Toys“R”Us, Inc. and its international business-level and corporate-level strategies, one can better understand strategies that smaller businesses like Bunnies by the Bay for example could develop to increase their profits through acquisitions and mergers, as well as business-level and corporate-level strategies they can develop to expand their services internationally. Toys“R”Us, Inc. Toys“R”Us, Inc. has enjoyed great success as one of the largest toy retailing chains in the world. Toys“R”Us, Inc. is the world’s leading dedicated toy and baby products retailer, offering a differentiated shopping experience through its family of brands. Merchandise is sold in 867 Toys“R”Us and Babies“R”Us stores in the United States and Puerto Rico, and in more than 725 international stores and over 240 licensed stores in 37 countries and jurisdictions. In addition, it exclusively operates the legendary FAO Schwarz® brand and sells extraordinary toys in the brand’s flagship store on Fifth Avenue in New York City. With its strong portfolio of e-commerce sites including Toysrus.com, Babiesrus.com, eToys.com, and FAO.com, Toys“R”Us, Inc. provides shoppers with a broad online selection of distinctive toys and baby products. Headquartered in Wayne, NJ, Toys“R”Us, Inc. employs......

Words: 1267 - Pages: 6

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Meet Polly Pocket

...Meet Polly Pocket, My Nemesis Polly Pocket was inflicted upon uncoordinated adults in 1989 by a British toy company called Bluebird Toys. (Thanks Bluebird!) Mattel and Bluebird held the distribution rights in the early 1990s. Chris Wiggs came up with the Polly Pocket doll for his daughter. Mattel and Bluebird developed his idea into a very popular toy line. Polly is a small doll--approximately 3 and 3/4 inch tall. She is plastic with jointed legs and arms. She comes with all sorts of miniature accessories and playsets to spark a child's imagination. But, it was the clothes that did me in. Polly Pocket is a line of miniature toy dolls and dollhouses that many little girls find intriguing. When planning a Polly Pocket social event or birthday party for a girl, you can create a few activities to keep the girls entertained. Activities and games give the girls a chance to win or make their own Polly Pocket creations to take home as a memento of the gathering. 1. Activities o Hide several Polly Pocket accessories, clothes, pets and toys around the play area. Give each guest a plastic Polly Pocket-themed bag and have her hunt for the items. After the players find all of the items, give each one a small Polly Pocket doll to go with all her accessories from the hunt. For an added bonus, have the girls count their accessories. Award a large Polly Pocket doll to the girl who finds the most accessories. For another activity, divide the girls into two teams. Have the teams......

Words: 5330 - Pages: 22