Double star painted with mist to be solved: late funding for capital increase suspicious

Double star painted as a private enterprise, 2006 on the "foresight" of the implementation of debt to equity to increase capital is unbelievable! The reason is that, prior to the implementation of the new company Law on January 1, 2006, creditor's rights were not allowed in the company law.　　As of 2010, the administration of industry and commerce in Zhejiang, Shandong and Jiangsu promulgated the interim measures to regulate the registration of shares, so as to increase the capital of the debt to equity.　　Financial data are inconsistent; possible financial accounting "tricks" lead to "surge" in performance before listing?　　New stock direct hit our reporter Xu Guming April 13, Jiangsu double Star sculpture Successful impact of the IPO, the company plans to issue 52 million shares in Shenzhen, after the issuance of total equity of 208 million shares.　　According to the Chinese Economic Times reporter investigation to understand that the double star painted in the market before the listing of many doubts, such as private enterprise debt to share capital increase "eat crabs" first, belated new registered capital and capital from where?　　In addition, it is noteworthy that double star sculpture in the reporting period of operating income "fog" and the company before the IPO performance "surge" there is a financial accounting "trick."　　The "fog" of the increase in debt to equity, according to the August 2, 2009 "Suqian Evening News" signed as correspondent Chi Wei (the company's second largest shareholder di Zhi-chi into one of the investment shareholders) of the article, Suqian Plastic Packaging Co., Ltd. formerly known as Suqian Battery parts factory.　　1991, Jing Tou Xiang Township Business Enterprise aluminum Alloy Factory is facing closure, when the deputy head of the Wu Pei to use 50,000 yuan, the founder of the sculpture Packaging company's predecessor-battery parts factory.　　1997, the superior called on enterprises to carry out property rights system reform, Wu Pei clothing one-time buyout of the Enterprise, successfully restructured into private enterprises. Listed prospectus, April 30, 2006, the Limited (double star painted plastic) shareholders will agree to the limited registered capital from 5 million yuan to 25.8 million yuan, add a registered capital of 20.8 million yuan,　　All by the actual control of the company Wu Pei Clothing from 2001 to 2004 during the limited cumulative Wu Pei service payment of 20.8 million yuan in the form of debt to share capital. "Double star sculpture as a private enterprise, 2006 on the ' foresight ' implementation of the debt to the equity of capital increase is unbelievable!　　"As a perennial legal advisor to several financial institutions and conglomerates, Zhang Xiaoling, a lawyer at the Beijing Hao Dong law firm, said in an interview with the China Economic Times reporter. Zhang Xiaoling explained that prior to the implementation of the new company Law on January 1, 2006, the debt-to-equity swap was not allowed in the company law and the new corporate law was no longer restricted. Before 2006, there was the concept of debt-swap, mainly aimed at the state-owned enterprises to extricate themselves from the State Council, specifically refers to the state-owned enterprises in the state-run enterprise rules, "a few years ago, private enterprises debt to the stock is very rare, until 2010, only the introduction of specific regulations, private enterprises have the eligibility for debt to equity." According to the China Economic Times reporter survey, as of 2010, Zhejiang, Shandong and Jiangsu and other land administration of Industry and Commerce promulgated the interim measures for the administration of equity registration,The regulations say that the qualified domestic limited liability company and the unlisted Company Limited may carry on the creditor's rights registration.　　So far, debt to equity to increase capital to the laws.　　It is strange that the double star of the 2006 debt to equity shareholders resolution and accounting for the verification of the capital in the "Same day." According to the prospectus, Suqian Union Certified Public Accountants on April 30, 2006 issued a Shun Tak Club inspection (2006) 86th, "Capital Verification report", the increase in the capital of the shareholders of the investment situation has been audited to confirm that all shareholders to invest in place.　　May 12, 2006, Jiangsu Province Suqian Industrial and commercial administration to complete the above-mentioned matters of industrial and commercial change registration.　　It is noteworthy that, according to the Chinese Economic Times reporter statistics, the Wu Pei to the formation of a limited amount of plastic sculpture for the period from May 2001 to November 28, 2003, the company and the majority of shareholders Wu Pei take 33 borrowings total 20.1 million yuan, an average annual 6.7 million yuan. At that time, the registered capital of 4.2 million yuan of sculpture why with large shareholders to form such a large proportion of debt relationship?　　In this connection, as of press, the Chinese economic Times reporter repeatedly tried to contact double star sculpture Dong Wu di no fruit. "Double star sculpture ' Wenfengerdong ' become the domestic private enterprise debt to equity to increase the first ' crab-eating ', can not rule out the existence of large shareholders falsely increase their interest in the company, because at that time the trade and Industry Bureau began to learn the new company law, who will take the risk of a private enterprise ' trial and error ' to engage in debt to share?　　"The head of an investment company in Beijing said to the China Economic Times reporter.　　Late "capital increase" and suspicious "source of funds" August 2, 2007, by the plastic Sculpture Limited shareholders will resolution, agreed that the limited registered capital of plastic sculpture from 25.8 million yuan to 68.8 million yuan, the new registered capital of 43 million yuan, all by Wu Pei clothing in the form of money contributions.　　However, it is puzzling that the second star of the third increase in sculpture is not smooth, after 16 months, the new registered capital to "cash." According to the prospectus, Suqian Union Certified Public Accountants on December 2, 2008 issued a Shun Tak club inspection (2008) No. 249, "Capital Verification report", the increase in the capital of the shareholders of the investment situation has been audited to confirm that all shareholders to invest in place.　　February 20, 2009, Jiangsu Province Suqian Industrial and commercial administration to complete the above-mentioned matters of industrial and commercial change registration.　　2009 the company's third increase in capital funds, only 240,000 yuan from Wu Pei suit own funds, 15.52 million yuan from Wu Pei to fly painted plastic printing of borrowed money, 12.24 million yuan from Wu Pei clothing to the wonderful printing of the loan, 15 million yuan from Wu Pei to his brother Wu Peijiang loan.　　Why the company's August 2007 shareholder resolution, delayed implementation, until December 2008 to issue a capital verification report?　　According to the China Economic Times reporter investigation, double star sculpture second increase in the capital and not the capital, the company on September 22, 2008 by the company of Jiangsu UPM guarantee loans 80 million yuan.　　Is there a source of capital verification for the loan? Financial data"Fog" according to the prospectus, June 2010, the issuer increased the equity 6 million yuan, by Raystone investment in its own capital of 30 million yuan to the company to increase capital.　　As at the date of signing the prospectus, Wu Pei has returned all of the above borrowings, and the source of the return is the proceeds of the transfer of Wu Pei in April 2010. According to the Chinese Economic Times reporter statistics, Wu Pei Service accumulated borrowings (the second to third increase in capital) 49.76 million yuan, where is this source of funding?　　In fact, there was no equity transfer in the Wu Pei service in April 2010, even though the Wu Pei of all equity transactions by April 2010 was far from sufficient to repay the loan.　　It is noteworthy that double star sculpture in the reporting period of business income and the company before the IPO performance "surge" there is a suspicion of financial accounting fraud, which is true or false?　　Chi Wei's newsletter said that in 2008 the company achieved a total sales revenue of 630 million yuan, an increase of 25%, the industrial value of 130 million yuan, an increase of 32%, tax revenue 23.35 million yuan, an increase of 60%.　　It is puzzling that the double star Plastic sculpture prospectus shows 2008 the company's main income of 481.5 million yuan, a difference of nearly 150 million yuan! Not only that, according to the "Chinese brand" special Report, 2009 double star sculpture to achieve sales of 800 million yuan, tax 42 million yuan, export 20 million U.S. dollars.　　However, the prospectus shows that the operating income of the company in 2009 was 635.3 million Yuan, a gap of nearly 165 million yuan.　　In this connection, China Economic Times reporter has repeatedly called the double Star Plastic sculpture Securities Office and the Secretary of the Wu Di, as of press time, double star painted without any relevant people to give a reply.　　It is noteworthy that, according to the prospectus, 2008-2010 net profit was 20.28 million yuan, 69.34 million yuan and 382.38 million yuan respectively. This shows that the company's performance is increasing year after year, 2010 years of performance is explosive growth.　　Double-Star Sculpture 2010 to achieve operating income of 1,454,067,500 yuan, to achieve a net profit of 382.3764 million yuan, respectively, compared to 2009 growth of 128.85% and 451.43%.　　In this respect, the double star sculpture in its prospectus explained that the 2010 corporate net profit "surge", mainly because the company's polyester film products, income and gross profit of the year-on-year growth of 215.16% and 589.9% respectively. In fact, in addition to the industry boom recovery.　　According to the Chinese Economic Times reporter learned that the double star in the financial accounting of plastic sculpture "slightly subtotal" also work.　　According to the prospectus, in 2008 the issuer had set the depreciation period for some machinery and equipment to 5 years, and in 2009 the issuer had modified the depreciation years for the machine equipment, changing the depreciation period of the main machine equipment from 5 years to 10, and the revised policy had been implemented since January 1, 2009. How much is the impact of the financial accounting "slightly subtotal"? According to the prospectus, it is assumed that the issuer of the above major equipment will continue to depreciate by 5 years after 2009 years, 2009 and 2010Total profit of 15.0599 million yuan and 13.8871 million yuan respectively. This obviously to double stars 2009 net profit from the year 20.28 million to 69.34 million yuan.