Western Gansu High-tech qualification of chemical engineering questionable operating risk

Zhu Yimin March 28, the West Long Chemical Co., Ltd. (hereinafter referred to as the West Gansu Chemical) was issued by the Audit Committee approved. The West Gansu Chemical Industry proposed to issue 50 million shares.　　Its prospectus shows that 2008-2010, the company's operating income increased by 14.9% annually, net profit composite growth of 16%, the average annual increase in asset size of up to 44.2%.　　West long Chemical Prospectus said, it is the largest professional manufacturer and supplier of chemical reagents, and has been rated as "National Torch Plan Key High-tech Enterprises", "National science and technology innovation-oriented enterprises", "High-tech Enterprises", "Guangdong province independent Innovation 100 enterprises."　　However, the reporter investigation found that, in many of the halo, the High-tech enterprises in the West Long Chemical enterprise qualification, operating financial data, restructuring reorganization, major violations of the letter is questionable, and even the issue of whether the subject of compliance with the law for more than three years and so on, there are problems.　　What is hidden behind these confusing doubts?　　High tech?　　The reporter found that the west long shares of High-tech Enterprises qualified to identify doubts.　　December 2008, West Gansu shares and its wholly-owned subsidiary Shantou Chemical Co., Ltd. (hereinafter referred to as Shantou West Gansu), Sichuan West Gansu Chemical Co., Ltd. (hereinafter referred to as Sichuan West Gansu), was identified as High-tech Enterprises, valid for three years, minus 15% of the tax rate levied enterprise income tax.　　However, the reporter found that 2008-2010, the West Long chemical calendar year's operating income is 88,197.800,000 yuan, 76,670 510,000 yuan, 116,415.530,000 yuan, the corresponding research and development funds input for 1.99%, 2.15%, 2.28%.　　This and "High-tech Enterprise cognizance Management Measures" ((2008)172) stipulated in the High-tech enterprises identified conditions: "The last year sales revenue in more than 200 million yuan enterprises, research and development funds accounted for not less than 3%" there is a significant gap. In addition, the West long high-tech products with high gross profit margin for super pure chemical reagents and PCB chemical reagents, its 2008-year super Pure chemical reagents and PCB chemical reagents sales revenue accounted for the total operating income ratio of only 31.41%.　　And nearly 70% of the operating income from the technical content of the general chemical reagents, raw materials and food additives, chemical raw materials sales.　　This and "High-tech products (services) revenue needs to account for more than 60% of the total income of enterprises" to determine the conditions are also very far. Why the proportion of such a clear determination of conditions, the chemical industry in the West can not be achieved?　　Is there a factor in enterprise consolidated statements? March 28, the reporter to the investor identity and the west-long chemical contact, the company's research and development funds accounted for less than the national standards of High-tech Certification consulting company staff. "The SFC is highly concerned about the qualifications of High-tech enterprises and there will be no problem in this area," he told reporters, claiming to be director of the Securities Affairs Office. "According to the prospectusShaoxing, the West long chemical industry has obtained independent intellectual property rights of 24 patents, including 11 invention patents, and has a number of non-exclusive proprietary technology, the formation of the company's technology research and development advantages.　　However, the reporter found that the west-long chemical industry announced 11 patents on the rights of the right period is only within 10 years.　　According to the State patent law, the legal protection period of the invention patent may be 20, but the western Gansu Province has taken the initiative to shorten the invention patent right period, so that people have to have doubts about the technology content and commercial value of the core technology.　　In this regard, the reporter has consulted the West long chemical companies and the State Intellectual Property Office Patent Advisory Service Hotline.　　West long chemical workers did not tell reporters the invention patent right period of less than 20 years of reason, only told reporters company practices in line with the relevant provisions of national patent law. State Intellectual Property Rights patent advisory Service personnel told reporters, "Patent rights protection annual fee with the extension of time, based on annual fee maintenance cost considerations, enterprises can choose the length of patent protection."　　"So, how high is the maintenance cost of Invention patent annual fee?"　　Reporter enquiries found that a patent for the first year to the third year annual fee of 400 yuan, the fourth year to the sixth year 600 yuan each year, the seventh year to Nineth year 800 yuan each year, the tenth year to the 12th year 1500 yuan, the 13th year to the 15th year 3000 yuan, the 16th year to the 20th year 6000 yuan each year.　　According to the above annual fees and charges, a patent for the 20 years of protection of the annual cost of the year is only 2445 Yuan, the west-long chemical 11 patents a year fee total only 26895 yuan.　　In accordance with the 10-year term of the chemical industry in West Gansu, 10 years down, its 11 project invention Patent Annual maintenance expenditure of only 75900 yuan, the average annual cost of each invention and maintenance costs only 690 yuan.　　It is worth noting that the utility model patent in the 9th year of the beginning of the annual fee fee is 800 yuan, the design patent for the beginning of the 9th year fee of 600 yuan.　　Is the invention patent protection value still not catch up with the utility model patent, is the invention patent right age maintenance price can only be similar with the outward appearance design? Shanghai Securities Company Chief accountant, investment bank project Core members to reporters, "now Enterprise High-tech identified only two, one is to obtain government tax concessions and subsidies, the other is for the IPO can have a good show, as to whether the relevant patented technology is the core technology, How high the economic value is.　　"One of the big doubts about the skewed industry ranking is that there is a discrepancy between the size of the industry and the Order of industry rankings and other public information disclosed."　　Prospectus Disclosure, according to the China Chemical Industry Information Center 2009 China Chemical Reagents Trade Research Report, 2009 domestic chemical reagent industry market size of about 8 billion yuan, 2007-2009 market size average annual growth rate of 11%. However, a professional data public in ShenzhenThe research director of the Division provided reporters with the industry database data from the National Bureau of Statistics, which shows that the chemical reagents industry sales revenue in 2008 has reached 8.3 billion yuan.　　But if according to the chemical reagent industry disclosed in the western Gansu market capacity of the average annual growth rate of 11% projections, 2009 years of Chinese chemical reagents industry market capacity should be more than 9 billion yuan.　　But that's not the most incredible thing.　　According to the prospectus, the 2009 domestic chemical reagents industry market Size ranked 1th and 2nd, respectively, Germany Merck Group and the United States Sigma-aldrih, West Gansu Chemical Reagents 2009 to achieve business income of 636 million yuan, chemical reagents market share in the 3rd, the Chinese medicines Group in fourth.　　The "2009 Domestic chemical Reagents Market share Chart" in the western Gansu Chemical prospectus shows that the market share of the western chemical industry is close to 8%, while the market share of the group is less than 6%.　　However, the reporter learned through the relevant channels, the group 2009 chemical reagents Sales income of 626 million yuan, 2010 chemical reagents Sales income of 930 million yuan.　　Even if the 2009 domestic chemical reagent 8 billion market capacity of West Gansu is calculated, the domestic market share of the group should be 7.83%, rather than the less than 6% of its market share chart.　　And in the industry public information, the ranking of the group is also in the western Gansu chemical Industry. Reporter found that July 13, 2010, the "Pharmaceutical economy", "the development of chemical reagents industry imbalance to improve the key varieties of scientific research level," said the current domestic chemical reagents production and marketing enterprises, to the annual sales of the largest, 2009 has exceeded 600 million yuan, reagent annual output of 16,000 tons. The second is the Guangdong West Gansu Chemical Co., Ltd., its reagent sales of about 450 million yuan, the reagent annual output of 51,000 tons.　　Guangdong Guanghua Chemical Factory Co., Ltd. (hereinafter referred to as Sinorama) to 360 million yuan in the reagent sales scale ranked third, the production of reagents of about 1300 species. Reporter further access to, September 17, 2010, China's largest chemical reagents website-China Reagent Network released the "four National reagents and application technology conference" Industry news information, the national chemical reagent information Station Professor Jianhua at the meeting made the " 2009 China Chemical Reagents Development Research Report "special report, to 2009 sales revenue rankings, the domestic reagent ten companies for the Chinese medicines Group, Guangdong West Long (West Gansu Chemical), Guangdong Guanghua, Nanjing Chemical Reagents, Anhui time, Shanghai Three, Guangzhou chemical reagent Factory, Beijing benefit, Beijing Chemical Reagent Institute,　　Shanghai tried four Hervey.　　The above public industry information shows that the West long chemical industry ranked in the Western medicines, and the West Gansu Chemical prospectus rankings do not match. The temptation of low tax rates in addition to the market capacity of the industry, the market competition situation is confusing, the parent company reported that the income tax book rate is lower than the statutory tax rateUnusually much more foggy. West Long chemical parent company profit statement shows that 2008-2010, the total profit of the parent company is 278,652 60 Yuan, 74,933,806 86 yuan, 62,953,893.36 Yuan, income tax is 21,274 yuan, 76 1,716,966 yuan,　　8,669,485.12 Yuan, the annual income tax book rate is 7.63%, 2.29%, 13.77% respectively.　　Industry insiders believe that if a company's book income tax rate is significantly less than the statutory rate, then its accounting profit quality may be problematic. Take Bangungsha as an example, Yin Guang summer 1999 total profit of 176 million yuan, income tax is only 5.08 million yuan, the book income tax rate of 4%, 2000 to achieve a profit of 423 million yuan, income tax 7.19 million yuan, book tax rate of less than 1.7%, the company's income tax as a base, according to the preferential tax rate of 15%　　Bangungsha 1999 taxable profit of 33.87 million yuan, 2000 taxable profit of 47.93 million yuan, taxable profit and book profit difference of 517.2 million yuan. The prospectus shows that the three-year cumulative income tax of West Gansu is 10,407,726.75 yuan, according to 15% statutory tax rate, three annual taxable profit should be 69384845 yuan, compared with its cumulative profit of 138,　　166,352.82 Yuan differs by 68,781,507.82 Yuan. "I am not a financial officer, the tax issue will be reflected to the company, and will tell you after the result," said the staff member of the Chemical Securities Affairs Department of the western Gansu province.　　But as of the press did not reply.　　The evolution of the strange and the restructuring of the West long chemical industry there are a lot of strange place.　　According to the prospectus, the company formerly known as June 10, 1987, the Shantou suburbs of the west-long chemical plant Operation Department, November 2001 company restructuring set up to become Shantou West Long Chemical Co., Ltd., December 2008 Co., Ltd. as a whole change for the company Limited.　　However, the reporter looked at the data found that the predecessor of the chemical industry in western Gansu can be traced back to more than 1983 years. January 2, 2004, Sina Financial reprinted from the "Win weekly" report "The west-long chemical industry-20, do China's Merck," the relevant content shows, "1983, Huang (column) Peng three brothers in Shantou, the West Long village, the establishment of a chemical plant in western Gansu." and Baidu Encyclopedia "the development of the West Long Chronicle" also shows, "1983, the West Long chemical establishment" West Long chemical company website about West Gansu-　　The public introduction of our history shows: 1.1983 years, Shantou suburbs of the west-long chemical plant was founded, 2.1987 years, Shantou suburbs of the west-long chemical plant operation, the predecessor of the restructuring of the West Long Chemical Co., Ltd. All these indications that the West-Gansu chemical industry should have originated in 1983, Shantou suburbs of the chemical plant, but the company said in the prospectus, the predecessor of the West Long stake in the Shantou suburb of West GansuFactory Operation department.　　Western Gansu Why desalination Company and the history of chemical plant in the West? According to the prospectus, the formation and change of the capital stock of the chemical industry in West Gansu have gone through three stages of the affiliated group, the limited liability company and the corporation.　　The company initially linked to the collective units for Shantou Jin Keng Enterprise Development Corporation (hereinafter referred to as the development of enterprises in the West Long). November 6, 2001, West Gansu shares affiliated units West Long Enterprise Development Confirmation, its affiliated enterprise Shantou West Long Chemical Corporation (West Long Chemical predecessor, in July 1994 by the Shantou Chemical Plant Management Department renamed) Checkup situation is true, property rights belong to investment operators Huang Weibo, Huang Weipeng, Huangshaoquin all three people,　　Agreed to Shantou West Gansu Chemical Corporation to be decoupled into a limited liability company.　　But the strange thing is, the West long Chemical said, the company was established at the beginning of the group is linked to the private enterprises under the name of the enterprise, but its linked to the development of the west of the industrial and commercial registration date is a whole late eight years.　　This cannot but say is "with, and Mao already attached Yan".　　Through the network search found that the west-long chemical enterprises in the West Long Business Registration day for the development of the October 27, 1995, registered capital of 1.2 million yuan, legal representative for Yu Sunfang.　　In addition to the mystery of the identity of affiliated units, the West Long chemical subsidiary of the wholly-owned subsidiaries of Sichuan West Gansu is also very difficult to create a paradox.　　Sichuan West Gansu by its predecessor of the chemical plant in Chengdu, the establishment of the integration, but quite strange is that the west of Sichuan province is a chemical plant in Chengdu, the way the cancellation of the establishment.　　September 16, 2004, Chengdu West Gansu Chemical Plant (one of the actual control of the chemical industry in the West Huang Weibo individual proprietorship) with all the fixed assets, land, under construction as capital and Huang Weipeng, Huangshaoquin jointly in Chengdu Wenjiang Industrial and Commercial Administration Bureau registered in Sichuan West Gansu.　　December 28, 2005, Chengdu Chemical Plant cancellation. Generally speaking, the establishment of Sichuan West Gansu can be established through the industrial and commercial registration of the chemical plant in Chengdu, but the way of the cancellation is chosen.　　Why is the establishment of the western Gansu of Sichuan so much trouble? A senior investment banking professional at a securities firm in Shenzhen told reporters that "the establishment of a new company by way of a former industrial and commercial write-off usually means a major risk problem for the company that was written off."　　"In addition, the west-long chemical IPO can be fully owned by its own safe production license operating qualification of the wholly-owned subsidiary of Shantou Chemical Co., Ltd. for the issue of the main body, but the creation of the limited west-Gansu (today's west-long chemical), and as the main IPO issue."　　And the West Long limited but until 2009 two or three quarters of all kinds of operating permits all complete, its curve listing of the restructuring way is puzzling.　　The senior investment banking professionals said that the reason for the Western-long chemical IPO to avoid the full range of licensed wholly-owned companies as the issuer, is likely to be related to the history of the company's restructuring and listing problems. Dangerous savage growth and the several irregularities shown in the prospectus by the western Gansu Chemical industry have also made peopleBusiness risk is questionable. According to the prospectus disclosed, January 21, 2008, Chengdu Municipal Administration of Industry and commerce to the Sichuan West Gansu issued a letter [2008]01005 "Administrative Punishment decision book", that the west of Sichuan province in the failure to handle the "national Industrial product production license", From January 1, 2006 to August 17, 2006, the production and sale of acetic acid, potassium iodide, sulfuric acid and other 56 chemical reagents, and January 1, 2006 to March 31, 2007 during the production and sale of zinc oxide, oxalic acid, potassium sulfate and other 28 chemical reagents,　　The Council decided to confiscate the illegal income of the company over the period of 1.1038 million yuan and fined 50,000 yuan.　　"Initial public offering shares and listing management measures" (hereinafter referred to as the stock issue listing method) clearly stipulates that the issuer and its controlling shareholder, the actual controller in the last three years there is no damage to the legitimate interests of investors and social public interests of the major violations. April 26, 2010, the Chengdu Municipal Administration of Industry and Commerce issued a "situation note", that the Sichuan West Gansu Province by the original chemical plant in Chengdu (December 28, 2005 cancellation) of the integration was established in August 18, 2006 for 56 kinds of products, "national Industrial product production license."　　Therefore, I think that Sichuan West Gansu Chemical Co., Ltd. the above acts do not constitute a major offence.　　Sponsor organization and Issuer counsel Accordingly, the above-mentioned behavior in west Gansu of Sichuan Province does not constitute a major illegal act of industrial and Commercial administration. However, the State Council issued the "unlicensed operation to investigate and eliminate the measures" clearly stipulates that "in the case of unlicensed business, the administrative department of Industry and Commerce shall outlaw the law and confiscate the illegal income; in violation of the criminal law, in accordance with the Penal Code on the crime of illegal operation, the crime of serious accident, the crime of major labor safety accidents, the crime of causing dangerous goods or other crimes , and investigate criminal responsibility according to law; Not enough criminal penalties, and a fine of less than 20,000 yuan, the larger scale of operation, the social harm is serious, and a fine of more than 200,000 yuan under the 20,000 yuan; no operating behavior endangers human health, there are major security risks, threats to public safety, destruction of environmental resources, Confiscation of property, such as tools, equipment, raw materials, products (commodities) and so on, which are exclusively used in unlicensed operations, and shall be fined at least 50,000 yuan or less than 500,000 yuan. "The decision of the administrative punishment of the Industry and Commerce Bureau of Chengdu Municipality and the punishment stipulation of" no license to investigate and eliminate the method "are compared, and the illegal nature of the West Gansu has reached the" no operating behavior endangering human health, there are major security risks, threatening public safety, destroying environmental resources ",　　Does the nature of such a serious offence constitute a major violation of industrial and commercial administrative standards? Guangzhou Municipal Administration of Industry and commerce an authoritative professional told reporters, "the use of the cancellation of the company's safety production license is quite serious, this and take a dead person's identity card to engage in a variety of activities without distinction." The above people stressed that the "national Industrial product production license" and other safety production permits are linked to the body, aThe loss of the main body of the legal person, the production permit, safety license, dangerous goods business license and other certificates are ineffective, the handling of such illegal fines is too gentle. Major asset reorganization of the issuer, the predecessor of the western Gansu chemical restructuring of the former limited long time does not have the main business production and Operation qualification, until the second quarter of 2009 to the third quarter, only to obtain the "National Industrial product production license", "Dangerous Chemicals production Unit registration certificate", "Safe production license"　　Non-pharmaceutical chemicals, such as the production of drug-making record certification, and other production of chemical reagents required for all types of permits.　　Prior to that, the chemical reagent sales in West Gansu has been entrusted to the wholly-owned subsidiary of Shantou West Gansu, to the August 2009, through the reorganization of assets in the west of Shantou, the West long chemical industry to obtain a complete chemical reagents production and sales business.　　Although born in the west of the limited west-Gansu Chemical Industry, its operating time from the limited establishment of the west of the 2001-year period, but only in the West Gansu Limited chemical reagents research and development sales and import and export business continuity of the study, the West long chemical business can still meet more than 3 years of standard?　　The experience of the brutal growth of the chemical industry in western Gansu is more than that. The company in the industry compulsory certification column disclosure, has obtained the State administration of quality Supervision, inspection and quarantine issued the "National Industrial product production license" A total of 4, of which there is a food additive production license, certificate number for xk13-217-00644, obtained on April 20, 2009,　　Valid for 2009.04.20-2012.02.25.　　However, the reporter in the National Industrial product production permit publicity network-China QS query Online search found that the license details can not be opened. Reporters through the inquiry hotline to consult the specific reasons for the problem, hotline service staff told reporters, "The specific reason is not good, but this situation occurs, the most case is the certificate information errors or quality complaints are blocked." However, the chemical workers in the west of the province told reporters confidently, "those documents are personally handled by me, absolutely no problem." "He advised reporters to the Guangdong Provincial Bureau of Quality Supervision, but the reporter inquiries do not have such information."