Accounts receivable growing in Sichuan relies too much on big clients

12th, Sichuan in accordance with the Rice Environmental Technology Co., Ltd. (hereinafter referred to as "according to Rice Kang") is about to accept the audit committee, if the smooth meeting, will become the new board members. However, the reporter consulted Imikan's prospectus, found that the company's major customers in recent years, such as China Mobile and other telecommunications industry service providers, and according to Mikang on the part of the customer's reliance on increasing.　　It is precisely because of the high concentration of customers, resulting in Mikang and major customers of the amount of transactions and aging are growing, so that the company's capital turnover ability is significantly reduced. Major customers too focused on the Mikang plan to issue 19.6 million shares in the gem, accounting for 25% of total equity. In the main business, according to Meter Kang continued the gem listed companies "small and beautiful" style, focusing on the subdivision area.　　According to the production of rice air-conditioning is precision room air-conditioning, that is, data centers, museums, medical institutions, such as the need for constant temperature and humidity of the place to provide air-conditioning equipment. During the reporting period, the sales of Mi Kang precision air-conditioning equipment mainly focused on the communication industry.　　2008 to 2010 three years, the company's communications industry precision air-conditioning equipment sales revenue is 2,946 290,000 yuan, 4,753 840,000 yuan and 4,755 60,000 yuan, respectively accounted for the operating income of 41.1%, 39.51% and 26.35%. In accordance with Mikang's main customer list, China Mobile is a "lead the whole body" of the big customers. Data show that in the past three years according to Mikang from China Mobile Equipment sales revenue of 2,563.20,000 yuan, 4,463 140,000 yuan and 4,503 yuan, respectively accounted for the company's precision air-conditioning equipment sales revenue of 630,000,　　57.42% and 39.4% accounted for 35.75%, 37.09% and 24.96% per cent of operating income. In fact, according to Mikang is also China Mobile precision room air-conditioning centralized procurement of one of the largest suppliers. According to the data of the prospectus, although Imikan in the communications industry's precision air-conditioning equipment sales revenue accounted for the decline in the proportion of total operating income, but because the communications industry is the company's precision air-conditioning equipment sales accounted for the largest industry, if the development of communications industry policy changes, or the industry's major enterprises such as China Mobile, Unicom,　　China Telecom and other centralized procurement policy has undergone significant adverse changes, will have a greater impact on the company's sales of precision air-conditioning equipment. In fact, China Mobile's purchase of Imikan products is also increasing. The reporter looked through the Imikan's report, found that in the company calendar year's main customer list, China Mobile and other telecommunications industry service providers accounted for a large part of the share. In the list of Mikang's top five major clients, 2008 China Mobile Guizhou, Sichuan and Chongqing companies jointly purchased 15.23 million Yuan Imikan products, accounting for the current operating income of the 21.25%;2009 China Mobile and the company also carried out 11.93 million yuan transactions, accounting for about 10% of the operating income. By the end of last year, the amount of money moved by Mikang and China was as high as 21470,000 yuan, accounting for nearly 12%.　　According to Mikang in the declaration, the company's precision environmental engineering contracts are mainly concentrated in Tianjin, Beijing, Sichuan-Chongqing region and other key areas, although the company in the region's business volume growth quickly, and has a stable customer resources, good brand awareness and other competitive advantages.　　However, the industry in this analysis, if the above key areas can not continue to consolidate, or in the consolidation of key areas at the same time can not expand the new business areas, the Mikang of the Precision Environmental engineering business development will be affected, the company still exists in the customer or business area of the risk of concentration.　　The risk of receivables recovery is due to the serious dependence on the major customers, resulting in Mikang capital turnover situation is also a tense situation. In recent years, according to Mikang financial indicators, the company's accounts receivable there is a risk of recovery, its capital chain has a trend of tension. During the reporting period, the company's accounts receivable grew faster with the expansion of equipment sales and project contracting business. At the end of 2008, the end of 2009, the end of 2010, the net amount of accounts receivable is 4,415.70,000, 6,944 590,000 yuan, 9,592.220,000 Yuan, the proportion of total assets is 39.07%, 41.22%, 44.32% respectively, if the accounts receivable can not be recovered,　　The company's asset quality and financial situation have a greater adverse impact. As of the end of last year, according to the Mikang accounts receivable balance is 10,356.290,000 yuan, of which accounting age within one year of about 81%, two years accounted for 95%. Company accounts receivable is the main customer is China Mobile, IDC service enterprises, hospitals and other capital strength, high credibility, the history of the collection of receivables good quality of well-known large and medium-sized enterprises and institutions, the company accounts receivable recovery in good condition.　　At the end of the report, the company's accounts receivable balance for China Mobile Group is 4,364.500,000 yuan, accounting for 42.14% of the total.　　However, if the macro-economic environment, the main customer operating conditions and other major adverse changes, it may be due to the accounts receivable in bad debts to the company's business has a negative impact. The report shows that according to Mikang recent accounts receivable amount and age are increasing.　　At the end of 2010, the company's sales revenue for precision environmental projects increased by 62.47% over the previous year, while the accounts receivable balance increased by 146.2% from the end of last year, and the accounts receivable balance grew more than the sales revenue growth. In this respect, according to Mikang said, mainly because the recent completion of the project more lead to account receivable growth.　　In addition, due to the company's customers in Tianjin Maternity and Gynecology Center Hospital, Tianjin Medical University General Hospital and many other project projects increased more, and the customer audit settlement of the time extension, the settlement of funds also resulted in accounts receivable growth. Investment letters