题目内容
县级以上人民政府()应当对食品进行定期或者不定期的抽样检验，并依据有关规定公布检验结果，不得免检。
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药品生产、经营企业不得以展示会、博览会、交易会、订货会、产品宣传会等方式()药品。
公务回避是对()的一种限制。
食品进货查验记录应当真实，保存期限不得少于()年，食品出厂检验记录应当真实，保存期限不得少于()年。
YGV Co has been advised by its bank that the current overdraft limit of $4？5 million will be reduced to $500,000 in two months’ time. The fi nance director of YGV Co has been unable to fi nd another bank willing to offer alternative overdraft facilities and is planning to issue bonds on the stock market in order to fi nance the reduction of the overdraft. The bonds would be issued at their par value of $100 per bond and would pay interest of 9% per year, payable at the end of each year. The bonds would be redeemable at a 10% premium to their par value after 10 years. The fi nance director hopes to raise $4 million from the bond issue.
The ordinary shares of YGV Co have a par value of $1？00 per share and a current market value of $4？10 per share. The cost of equity of YGV Co is 12% per year and the current interest rate on the overdraft is 5% per year. Taxation is at an annual rate of 30%.
Other fi nancial information:
Average gearing of sector (debt/equity, market value basis): 10%
Average interest coverage ratio of sector: 8 times
Required:
(a) Calculate the after–tax cost of debt of the 9% bonds. (4 marks)
(b) Calculate and comment on the effect of the bond issue on the weighted average cost of capital of YGV Co, clearly stating any assumptions that you make. (5 marks)
(c) Calculate the effect of using the bond issue to fi nance the reduction in the overdraft on: (i) the interest coverage ratio; (ii) gearing. (4 marks)
(d) Evaluate the proposal to use the bond issue to fi nance the reduction in the overdraft and discuss alternative sources of fi nance that could be considered by YGV Co, given its current fi nancial position. (12 marks)
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