Shipment is to be _________during October.

Please ______ the shipment date of your L/C to October 15 and validity to October 30.

  A．amend  B．extend  C．establish  D．expand

THESTANDARDCHARTEREDBANK

NEWYORK,USA

NO.10/1375

DATE:18October,1992

DOCUMENTARYLETTEROFCREDIT

IRREVOCABLE

To:GuangzhouGarments

Imp.&Exp.Corp.

Guangzhou,China

AdvisingBank:BankofChina,GuangdongBranch,GuangzhouChina

DearSirs,

YouareauthorisedtodrawonMessrs.J.Handerson&Co.fora

sumnotexceedingUS$51,500(SAYUSDOLLARSFIFTY-ONETHOUSANDFIVEHUNDREDONLY)availablebydraftdrawnin

duplicateonthemat60daysaftersight,accompaniedbythefollowingdocuments: 1.FullsetofCleanonBoardBillsofLadingmadeouttoorderandblank

endorsed,marked"FREIGHTPREPAID"covering1,000dozensilkblouses. 2.SignedCommercialInvoiceintriplicate,indicatingS/CNo.92/1234dated

3August,1992.

3.OneoriginalinsurancePolicy/Certificate.

ShipmentfromChinaporttoNewYork City,USA.

ShipmentistobeeffectedbeforeNovember30,1992,withpartial

shipmentsandtranshipmentprohibited.

ThiscreditexpiresonDecember10,1992inChina.

1992年8月3日签订的第92/1234号合同主要条款：

卖方：广州服装进出口公司

买方：Messrs.J.Handerson&Co,NewYorkCity,USA.

商品名称及数量：1,000打丝织女式衬衫

单价：每打52.50美元成本加保险加运费到纽约市，含佣3%

总金额：52.500美元

交货期：1992年11月份由中国港口装运可转运但不可分批装运

交付条款：不可撤销、即期信用证付款，议付有效期为最后装船期后15天内在中国到期

听力原文：M: We have agreed on the terms of payment. Is it possible to effect shipment in August???

W: I'm afraid not. Mid September, I think.

Q: When is the earliest possible time of shipment?

(13)

A．July.

B．August.

C．September.

D．October.

According to the contract stipulations, shipment shall be effected before October 20. We are confident that you will ship the goods in time.

On 15th May, 2010, a Chinese company offered to a French company, “sell 10000 Qing Yan Brand bicycles, Article No.171069, FOB Shanghai USD 100 per set, shipment during July, 2010. Subject reply here on or before 20th May, 2010. ...... ”. On 17th May, 2010, the French company replied by FAX, “ we accept your offer dated 15th May, 2010, but at the price of FOB Shanghai USD 80 per set, shipment during October, 2010.” The Chinese company hadn’t replied to the French company and sold their bicycles to another foreign company. However, on 19th May, 2010, the French company replied by FAX again, “ we completely accept your offer dated 15th May, 2010.” The Chinese company replied to the French company at once by FAX, “we have sold the bicycles to others. We will offer you in the future as possible as we can.” But the French company thought that the contract has been concluded and required the Chinese company to ship the bicycles during July, 2010 at Shanghai port. According to CISG, do you think the above two companies have concluded a contract? (达成/没达成) (注意:答题时请直接根据题目后面的可选项目进行选择，不用说明理由，否则机器可能不会识别)

When is the Security Council expected to resume the Kosovo question?

A．In early October.

B．In late October.

C．In early November

D．In late November

Gregory Co is a listed company and, until 1 October 20X5, it had no subsidiaries. On that date, it acquired 75% of Tamsin Co’s equity shares by means of a share exchange of two new shares in Gregory Co for every five acquired shares in Tamsin Co. These shares were recorded at the market price on the day of the acquisition and were the only shares issued by Gregory Co during the year ended 31 March 20X6.

The summarised financial statements of Gregory Co as a single entity at 31 March 20X5 and as a group at 31 March 20X6 are:

Other information:

(i) Each month since the acquisition, Gregory Co’s sales to Tamsin Co were consistently $2m. Gregory Co had chosen to only make a gross profit margin of 10% on these sales as Tamsin Co is part of the group.

(ii) The values of property, plant and equipment held by both companies have been rising for several years.

(iii) On reviewing the above financial statements, Gregory Co’s chief executive officer (CEO) made the following observations:

(1) I see the profit for the year has increased by $1m which is up 20% on last year, but I thought it would be more as Tamsin Co was supposed to be a very profitable company.

(2) I have calculated the earnings per share (EPS) for 20X6 at 13 cents (6,000/46,000 x 100) and for 20X5 at 12·5 cents (5,000/40,000 x 100) and, although the profit has increased 20%, our EPS has barely changed.

(3) I am worried that the low price at which we are selling goods to Tamsin Co is undermining our group’s overall profitability.

(4) I note that our share price is now $2·30, how does this compare with our share price immediately before we bought Tamsin Co?

Required: (a) Reply to the four observations of the CEO. (8 marks)

(b) Using the above financial statements, calculate the following ratios for Gregory Co for the years ended 31 March 20X6 and 20X5 and comment on the comparative performance:

(i) Return on capital employed (ROCE)

(ii) Net asset turnover

(iii) Gross profit margin

(iv) Operating profit margin

Note: Four marks are available for the ratio calculations. (12 marks)

Note: Your answers to (a) and (b) should reflect the impact of the consolidation of Tamsin Co during the year ended 31 March 20X6.