CMA Final Paper 15 case studies

CMA Final Paper 15 · Put your knowledge to work in context.

CMA Final Paper 15 is a capstone-level management accounting examination aimed at candidates who have already worked through the earlier CMA papers and now need to demonstrate integrated judgement rather than isolated computation. It suits finance professionals in business partnering, controllership, FP&A, treasury and internal audit roles who are moving toward senior decision-support positions, as well as candidates completing a structured CMA programme. The CMA Final Paper 15 case studies are 5 cases and about 5,098 words.

Backward Integration versus a Fixed-Price Yarn Contract at Meridian Textiles

Meridian Textiles Ltd (revenue ₹2,400 crore, EBITDA margin 11%) exports 60% of its fabric to the EU and US and buys cotton yarn - 48% of raw material cost - on spot terms. Yarn prices ranged between ₹205 and ₹292 per kg over eighteen months.

1,013 words, about 5 min 2

Transfer Pricing, Idle Capacity and a Below-Cost Export Order at Arvind Precision

Arvind Precision Ltd runs two divisions. The Components Division can produce 1,20,000 units a year; external demand at the market price of ₹1,450 is 90,000 units.

958 words, about 5 min 3

Knock-Out Options, a Broken Hedge and Control Reporting at Nirvana Chemicals

Nirvana Chemicals Ltd (listed; PBT ₹140 crore) hedges its USD payables under a board-approved policy that permits only plain vanilla forward covers; any other instrument requires prior board approval. In September the treasurer, without approval, bought USD 45 million of knock-out options against a documented exposure of USD 30 million.

1,054 words, about 5 min 4

A Chairman-Linked EPC Contract and a Year-End Invoice at Vaayu Renewables

Vaayu Renewables Ltd (consolidated turnover ₹1,120 crore; promoter holding 54%) awarded a ₹210 crore EPC contract to Vaayu Infra, a company wholly owned by the chairman's family, to build three solar parks. The contract was cleared by a two-member executive committee in a twenty-minute meeting, then 'reviewed' by the audit committee on a fifteen-minute call attended by two of its four members.

1,138 words, about 6 min 5

EPS Accretion versus Value Creation in the Nirmal Auto Components Bid

Sarvottam Engineering Ltd trades at ₹410 per share with 62 crore shares outstanding, PAT of ₹310 crore and therefore a P/E of 8.2, and carries no debt. It is bidding for Nirmal Auto Components: EBITDA ₹180 crore, depreciation ₹45 crore, debt ₹420 crore, tax 25.17%.

935 words, about 5 min