问题 问答题

(本小题8分。) 在全球稀土市场当中,矿产资源丰富但分布不平均。由于稀土开采的高污染性和资源稀缺性,很多国家通过进口满足本国稀土需求。建兴稀土是一家设立于A国的上 市稀土企业,主要业务为稀土产业链的上游行业,包括配套设施建设、稀土矿探查、开采以及分离,但也从事出口对外销售业务。  由于A国政府认为稀土产品开采方式粗放、资源浪费情况严重,计划对稀土资源开采出台限制政策,倡导合理开发和利用,加快淘汰落后产能,提供产业 的整体竞争力。作为国家战略性储备的稀缺资源,稀土开采量在近年越来越受A国政府的关注。从A国全国稀土开采限额来看,2011年稀土开采限额为5.8万 吨,比2010年减少15%。专家估计在未来几年A国政府将开采限额保持在低水平。此外,A国政府提倡“保护环境和节约资源”,对稀土资源实施更严格的保 护性开采政策和生态环境保护标准等基本原则。  在产业的稀土细分领域来看,目前产业内重点并购领域是稀土开采、加工以及稀土分离、深加工。建兴稀土正考虑收购B国科立资源的股权。科立资源具有在B国开采稀土的能力,还能以高科技技术提高稀土产品的纯度至99.99%。  要求:

简要说明建兴稀土在收购科立资源时,可以使用的三种评估价值法(不需考虑与政治风险相关的部分)。(3分)

答案

参考答案:建兴稀土对科立资源进行估值时,可采用以下几种方法  ①市盈率法。  利用科立资源的每股收益与建兴稀土(如果双方是可比较的)的市盈率相乘,或参照与科立资源处于同行业运行良好的企业的市盈率调整后相乘,为评估科立资源的最大价值提供一个参考。  ②科立资源的净资产价值。  这是科立资源的股东所能接受的最低价,由于科立资源在开采业务中应该是属于拥有大量资产(包括开采业务有关的固定资产和开采资源)的企业,净资产价值也具有参考意义。  ③现金流折现法。  以科立资源未来现金流,乘以适合的折现率后估算价值。  ④股东回报率  参照投资回报率所估计出的未来利润对科立资源进行估值。

不定项选择题
问答题

一、审证资料


1.合同资料


销售合同


SALES CONTRACT


Contract No. : RT09342
Date: Aug. 20, 2009
Signed at: TIANJIN
Sellers: TIANJIN TOOL IMPORT & EXPORT CO. , LTD Tel: 86 - 22 - 84896265
Address: 5, ZHOUGSHAN ROAD TIANJIN, CHINA Fax: 86-22-84896266
Buyers: MAMUT ENTERPRISESAV Tel: 34-24-4356-2453
Address: DONGASTER VIC 3108, BARCELONA, SPAIN Fax: 34-24-4536-2452
This contract is made by and between the Sellers and Buyers, whereby the sellers agree to sell and the buyers agree to buy the under- mentioned goods according to the conditions stipulated below:

(1)货号、品名及规格

Name of Commodity and specifications

(2)数量

Quantity

(3)单价

Unit Price

(4)金额

Amount

HAND TOOLS

(1)9pe Extra Long Hex Key Set

(2) 8pe Double Offest Ring Spanner

(3) 12pe Double Offest Ring Spanner

(4) 12pc Combination Spanner

(5) 10pc Combination Spanner

AS PER PROFORMA IN-VOICE NO 20090829

DATED AUGUST 10, 2009

1200 SETS

1200 SETS

1000 SETS

1200 SETS

1200 SETS

FOB TIANJIN

USD 1.76

USD 3.10

USD 7.50

USD 3.55

USD 5.80

USD 2112.00

USD 3720.00

USD 7500.00

USD 4260.00

USD 6960.00

Total Amount5800 SETSUSD 24552.00
(5) Packing: 8pc Double Offset Ring Spanner
Packed in 1 plastic carton of 16 sets each;
9pc Extra Long Hex Key Set, 12pc Combination Spanner, 10pc Combination Spanner
Packed in 1 plastic carton of 10 sets each;
12pc Double Offest Ring Spanner
Packed in 1 plastic carton of 8 sets each.
Packed in THREE 40’ CONTAINER
(6)Delivery From TIANJIN, CHINA to BARCELONA, SPAIN
(7) Shipping marks MAMUT
BARCELONA
C/NO. 1 - UP
(8) Time of Shipment: Latest Date Of Shipment Sept. 10, 2009
(9) Partial Shipment: Allowed
(10) Transshipment: Not Allowed
(11) Terms of Payment: By 100% Confirmed Irrevocable Letter of Credit to be available at 60 days after sight draft to be opened by the sellers.
L/C must mention this contract number L/C advised by BANK OF CHINA T1ANJ1N BRANCH. All banking Charges outside China( the mainland of China) are for account of Draw-ee.
(12) Arbitration: Any dispute arising from the execution of or in connection with contract shall be settled amicably through negotiation. In case no settlement can be reached through negotiation, the case shall then be submitted to China International Economic & Trade Arbitration Commision in Tianjin ( or in Beijing) for arbitration in accordance with its arbitration rules The arbitration award is final and binding upon both parties. The fee for arbitration shall be borne by losing party unless otherwise awarded.
The SellerThe Buyer
TIANJIN TOOL IMPORT & EXPORT CO. , LTD MAMUT ENTERPRISESAV

2.信用证资料


DOCUMENTARY CREDIT


SEQUENCE OF TOTAL * 27: 1/1
FORM OF DOC, CREDIT * 40A: REVOCABLE
DOC. CREDIT NUMBER * 20: 06423
DATE OF ISSUE31 C: 090902
DATE AND PLACE OF EXPIRY 31 D: DATE 090931 PLACE CHINA
APPLICANT * 50: MAMUT ENTERPRISESAV
DONGASTER VIC 3108
BARCELONA, SPAIN
ISSUING BANK 52A: CREDIT ANDORRA
ANDORRA LA VELLA, ANODRRA
BENEFICIARY * 59: TIANJIN TOOL IMPORT & EXPORT CO. , LTD
5, ZHONGSHAN ROAD
TIANJIN, CHINA
AMOUNT* 32B: CURRENCY EUR AMOUNT 24552.00
AVAILABLE WTTH/BY * 41D: ANY BANK IN CHINA
BY NEGOTIATION
DRAFTS AT… 42C: AT SIGHT
DRAWEE42A: CREDIT ANDORRA
ANDORRA LA VELLA, ANDORRA
PARTIAL SHIPMENTS 43P: NOT ALLOWED
TRANSSHIPMENT43T: ALLOWED
LOADING ON BOARD 44A: TIANJIN
FOR TRANSPORTATION TO44B: BARCELONA (SPAIN)
LATEST DATE OF SHIPMENT 44C: 090910
DESCRIPT OF GOODS 45A: HAND TOOLS
AS PER PROFORMA INVOICE NO 20090839
DATED AUGUST 10, 2009
FOB BARCELONA
AND 4 COPIES.
+ PACKING LIST, 1 ORIGINAL AND 4 COPIES.
+ CERTIFICATE OF ORIGIN GSP CHINA FORM
A, ISSUED BY THE CHAMBER OF COMMERCE
OF OTHER AUTHORITY DULY ENTITLED FOR
THIS PURPOSE.
+ FULL SET OF B/L, (2 ORIGINAL AND 5
COPIES) CLEAN ON BOARD, MARKED
"FREIGHT COLLECT", CONSIGNED TO: MAM-
UT ENTERPRISESAV, DONGASTER VIC 3108
BARCELONA, SPAIN, TEL + 376 823 323 FAX +
376860914-860807, NOTIFY: BLUE WATER
SHIPPING ESPANA, ER2NA, A , 08003 BARCE-
LONA (SPAIN)TEL 34 93295 4848, FAX 34 93
268 16 81.
CHARGES 71B: ALL BANKING CHARGES OUTSIDE SPAIN
ARE FOR ACCOUNT OF BENEFICIARY.
PERIOD FOR PRESENTATION 48: DOCUMENTS MUST BE PRESENTED WITHIN
15 DAYS AFIER THE DATE OF SHIPMENT
BUT WITHIN THE VALIDITY OF THE CRED-
IT.

二、审证要求


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