Guangdong Hongyuan acquisition of loss of coal mining rights virtual increase of two years

As the real estate industry encountered the macro-control of the country, Guangdong Hongyuan A (000573, closing price of 4.73 yuan) has made it clear that a big push to enter the coal industry. After last year's acquisition of Weining County Coking Co., Ltd., Guangdong Hongyuan announced today (September 15) that it would acquire a 70% per cent stake in Weining County coal ditch coal mine. However, "Daily economic news" reporter found that in Guangdong Hongyuan into the coal industry cavity enthusiasm behind, the report is flawed: The assessment report of the past two years of procurement rights assessment, resulting in the valuation of procurement rights to increase the value of 655.82%; the company concealed coal ditch coal mine in the year two quarter had been fined by the government　　and ordered the shutdown of the facts. The evaluation report comic opening today, Guangdong Hongyuan has released 4 reports, and the Sino-Union Assets Assessment Limited has provided two reports, respectively, the evaluation report and the report of the project on the acquisition of 70% stake in coal ditch coal mine. Ironically, the two reports are "wrong" when it comes to the book value of net assets in coal ditches. "Invalid link", this bizarre situation in the A-share market is unheard of. Is it inevitable to speculate that a dignified appraisal report is copy? Such a funny opening was a stab at the journalist's interest in continuing to read.　　However, this reading, the problem is more. A premium of 169% acquisition of loss-making enterprises based on the assessment report, up to the benchmark date of April 30, 2010, Coal Ditch coal mine company Total assets of 19.0144 million yuan, total liabilities of 1.168 million yuan, net assets amount to 17.8464 million yuan, to achieve operating income of 210,000 yuan, net profit-224,400 yuan. As a coal mine, which has been gaining rights since September 2007, it is still at a loss, no matter what it looks like good assets. However, such a net profit loss, net assets of only 17.8464 million Yuan coal mine was evaluated 75.219 million yuan Price, 70% shareholding is 52.6333 million yuan.　　Guangdong Hongyuan Final contribution is 47.95 million yuan, more than 169% of the net assets premium. However, Guangdong Hongyuan thinks this is a good bargain.　　The company said that because of the difference between the evaluation value and the transaction price, it led to the acquisition of coal ditch coal mine equity increased the company's current profit of 4.5033 million yuan. The mining right has been empty for more than two years. In this highly premium asset appraisal report, the intangible Assets-mining rights assessment added 56.4443 million yuan, the value-added rate of 655.82%. In this respect, the evaluation organization's interpretation is: After calculation and verification, determine the coal ditch mining rights (assessment of the service life of 6.19 years, assessment of the use of recoverable reserves of 1.3003 million tons) on the basis of the evaluation of the value of 6505.10 yuan.　　However, the daily economic news reporter found this statement contradictory. The evaluation report indicated that the coal ditch coal mine mining permit was issued by the Guizhou Province land and resources department on September 30, 2007, the validity period is 6 years and 2 months, namely from September 2007 to November 2013 effective. From the evaluationOn the base date of April 30, 2010, the remaining mining rights in coal ditch coal mine are not 6 years and 2 months, but 3 years.　　It is baffling that the assessment report has already assessed the value of the mining rights that have been in the past two years or so. The problem of concealing a coal mine that had been fined for a shutdown assessment report was just the tip of the iceberg. Subsequently, the reporter opened the "Audit Report", the report audit the coal ditch coal mine in January-April this year's assets.　　In this respect, the daily economic news reporter is puzzled, why the September project, not audit this 1 ~ June assets, but only audit 1-4 months? Subsequently, the reporter in the official website of the Weining People's government found something strange. An article entitled "Weining Autonomous County People's government office on the Coal Ditch coal mine, Yin coal mine illegal production of the report", April 6, 2010, the Security Supervision Bureau in accordance with the regulatory plan for the new Township coal Ditch Mine safety inspection, found that coal ditch coal mine without authorization to decorate a coal mining face and three working faces illegal organization production coal, production of 1300 tons of coal mine.　　According to the provisions of the State Council on Prevention of special provisions on safety accidents in coal mines, the county people's government has decided to confiscate 1300 tons of raw coal which is illegal to be produced, and it is fined 100,000 yuan, ordered to cease the rectification for 2 months and implement the management of listed supervision.　　However, the audit report, evaluation report and board notice published by Guangdong Hongyuan have not disclosed the "cease-work and rectification" of the coal mine in the two quarter and the "fine of $100,000". At this point, it is not difficult to explain why the audit report to the audit 1 ~ April. If a semi-annual audit, coal ditch coal mine illegal ordered production will be "exposed", 1 ~ April in the case of illegal production, has recorded a loss of coal ditch coal mine half year performance will be imagined.