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Financial Woes Are Gradually Emerging. Xinle Wool Textile Is Suspected Of False Evaluation.

2012/12/13 14:40:00 20

Xinle Wool Textile Textile Enterprises Textile Materials

with the Shandong and Zhejiang securities regulatory bureaus opening Shandong's Ruyi and Aerospace Communications, a hidden financial puzzle is gradually emerging.

reporter in-depth investigation found that in the first half of 2011, Zhangjiagang href= Xinle //www.sjfzxm.com/news/index_c.asp "//www.sjfzxm.com/news/index_c.asp" > wool spinning < /a > Manufacturing Co., Ltd. (hereinafter referred to as Xinle wool spinning) became a key link.

Xinle wool spinning bought raw materials before buying the main products, and its corresponding accounts receivable and inventory increased by 327 million yuan and 121 million yuan in just 10 months, which resulted in a 71.03% increase in the final value of Xinle wool spinning,

a href= "//www.sjfzxm.com/business/" > Xinle wool textile > /a > valuer is the key investigation object of this financial puzzle: Qingdao East Yong International Logistics Co., Ltd. (hereinafter referred to as Qingdao East Yong) and Yulong group.

What is more noteworthy is that less than a year after the entry of space communications, Xinle wool spinning has become the most important guaranty of the company, involving an amount of up to 356 million yuan. P

suspected false assessment

March 2011, Aerospace Communications announced that it had injected 78 million 493 thousand and 100 yuan into Xinle wool spinning unilaterally, thereby gaining 51% of the controlling power.

"P > let the market pay attention to whether the Xinle textile is really worth 78 million 493 thousand and 100 yuan." /p ".

the assets evaluation method of Shanghai silver credit industry Co., Ltd. was evaluated by the asset based method. In October 31, 2010, the value of the owner's equity of Xinle wool textile was estimated to be 47 million 23 thousand and 800 yuan, with an assessment value of 80 million 425 thousand and 100 yuan, an appreciation of 33 million 401 thousand and 300 yuan, and an appreciation ratio of 71.03%.

but reporters found that in 2009 and 2010 1-10, the assets and liabilities ratio of Xinle wool spinning reached 80.49% and 89.28%, and its performance was not satisfactory.

P > 2008, Xinle woolen textile realized revenue of 272 million yuan and 4 million 347 thousand and 200 yuan in the year, and 404 million yuan and 636 million yuan in 2009 and 2010 in 2010, and a href= "//www.sjfzxm.com/news/index_cj.asp" > net profit < /a > was not substantially increased, only 8 million 26 thousand and 700 yuan and 3 million 997 thousand and 800 yuan.

the gross profit margin of Xinle wool spinning is only 0.50%, 4.31% and 3.28% respectively in the three reporting period. It can be compared that according to the statistics of financial and exchange data, the average gross profit margin of 43 textile manufacturing listed companies reached 17.89% in 2010.

so why does Xinle woolen textile valuation have a premium of 71.03%?

according to the announcement of capital increase of Aerospace Communications, the increase of its valuation is mainly based on stock appreciation.

"Since 2010, wool prices have continued to rise, while most of Xinle wool textile companies purchase raw wool at low prices, and stocks of raw wool and wool have increased substantially.

According to the evaluation report, the inventory after the assessment is 245 million 801 thousand and 400 yuan, and the added value is 24 million 438 thousand and 600 yuan, accounting for 73.17% of the total value added.

reporters also found that at the end of 2009, Xinle's Woolen stock was only 100 million yuan, of which 54 million 940 thousand yuan was raw material, and by the end of October 2010, its inventory reached 221 million yuan, of which the raw material increased to 172 million yuan, which was more than doubled.

but an unavoidable question is: Why did Xinle woolen spinning at a time when the asset liability ratio was over 80% and the growth of performance was weak? Why did it store up billions of dollars in the short term, and its monetary fund at the end of 2009 was only 14 million 178 thousand and 500 yuan.

at this point, Qingdao East Yong and Yulong group became the "key Mr." in Xinle wool spinning.

financial data show that by the end of October 2010, Xinle textile accounts receivable increased by 327 million yuan, while the top two accounts payable were Qingdao East Yong and Yulong group, corresponding to 272 million yuan and 30 million 867 thousand and 200 yuan.

for this, a Shanghai investment bank personage said, "if Xinle wool spinning and supplier" /p "

trading "arrival of accounts not arrived" may also be suspected of financial fraud.

but it is certain that after the Xinle wool spinning was combined with the space communication report, the space communication financial report "swallowed" the inventory and accounts payable.

space communication 2011 semi annual report shows that its inventory increased from 820 million yuan to 1 billion 263 million yuan, and accounts payable increased from 360 million yuan to 900 million yuan.

The 2011 Annual report also showed that the sum of accounts payable increased by 506 million yuan.

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What P can't understand is that in 2010, the Qingdao East Yong and Yulong group did not receive the money at the end of 2011.

according to the announcement of Shandong Ruyi rectification plan in December 5th, and the 11 day decision of the administrative supervision of space communications, the accounts checking work of Xinle wool textile and Shandong Ruyi and other relevant parties has not yet been completed.

it is reported that the long term cross capital exchanges between Shandong Ruyi and related enterprises, Qingdao East Yong, Yulong group and aerospace communications subsidiary Xinle wool textile industry are frequent and accounts are chaotic. Shandong and Zhejiang securities regulatory bureaus have been involved in the investigation.

guarantee chaos, /p >

/strong > there is no free lunch in the world.

2010, this mysterious paction made Xinle wool spinning instantly "fatten up", but "key Mr." Qingdao East Yong is not "live Lei Feng".

In the same period, Xinle wool textile provided huge guarantee for Qingdao East Yong.

reporter found that Xinle wool textile provides the highest guarantee for Qingdao East Yong in the 60 million yuan trade finance of Qingdao branch of the Qingdao branch of the Construction Bank, with a period of February 24, 2011 to January 21, 2012.

it is worth noting that in the March 2011 announcement of the capital increase of Aerospace Communications, it clearly stated that "after that, the issue of trade finance issuing guarantee will be provided by the parties according to their shareholding ratio."

"P >" thus, the state owned Aerospace Communications in Xinle wool spinning at the same time, not only bear the Xinle wool spinning former high valuation, but also carried 51% shares of the corresponding 30 million 600 thousand yuan joint liability guarantee.

Less than P, it is odd that space communications reported in 2011 that "according to the agreement signed between the company and Xinle wool textile, the above liabilities may be borne by the original shareholders if losses occur."

That is, space communication does not bear joint and several liability.

data show that its original shareholders are Jiang Tonggang, Wang Yi, Li Ruizhong, Shen Bo and Li Jing, who own 86.5%, 5%, 3%, 3% and 2.5% shares of Xinle wool textile respectively.

in fact, Aerospace Communications only owns 51% stake in Xinle wool textile, but even with the main guarantee of space communications.

according to the semi annual report of space communication 2011, the guarantee amount of space communication to Xinle wool textile is 25 million 522 thousand and 800 yuan, which is the fourth largest related guarantee amount in the current period, accounting for 8% of the total amount of related guarantee amount.

The guarantee period is from April 22, 2011 to September 28, 2011.

not only that, the 2011 Annual Report of space communication shows that Xinle wool textile has been included in the secured object whose assets liabilities ratio exceeds 70%, while the guarantee amount has reached an astonishing 356 million yuan.

and the total sum of guarantee for the ten companies in the same year was only 514 million yuan, which accounted for nearly 70% of the 356 million yuan guarantee for Xinle wool spinning, accounting for 65% of the total guarantee amount for the current period of 546 million yuan.

it can be compared that in 2011, Xinle wool textile contributed only 23 million 464 thousand and 600 yuan to the aerospace information, accounting for 13.30% of its net profit.

the guarantee data increased to 460 million yuan from 356 million yuan in the middle of 2012.

Less than P, what is unthinkable is that it is less than a year after joining Xinle wool textile. Why does space communication not hesitate to gamble? But now the raw material wool has fallen to the lowest level in 2010. Is Xinle wool spinning a hot potato? Reporters will continue to pay attention to it.