China silver velvet industry high growth painted skin: domestic customers concealed nepotism

Domestic customer crony shadow affiliated party manipulation 17 account once shareholding Ultra 8% if the Chinese silver velvet part of the export is suspected of fraud, that its domestic business operations more frightening. The company in the last three years disclosed the top five customers, the top five accounts receivable details for the sample, the reporter combed out 5 core domestic customers, respectively, Ningxia Snow Crystal Cashmere Industry Co., Ltd., Lingwu-Chun-feng Cashmere Industry Co., Ltd., Wuzhong Chung Hing Cashmere Industry Co., Ltd., Ningxia Guobin Cashmere Industry Co., Ltd., Ningxia Cheng Fung Industry and Trade Co., Ltd. According to field verification, the above-mentioned companies are highly suspected in the silver Velvet industry affiliated party or by its actual control of the "Member" enterprises. The material obtained from the authoritative department reveals an astonishing fact: one of the largest domestic customers in the silver velvet industry, the actual control of the snow crystal cashmere industry Liu Jinrong, has been behind the scenes to manipulate 17 accounts trading in the silver velvet stock, the shareholding ratio of 8.84%, and was filed by the regulatory authorities for inspection. According to the relevant rules, snow crystal velvet industry should undoubtedly be identified as the Chinese-silver Cashmere Industry association. The regulatory authorities even found that: Liu Jinrong covert ready modus operandi, behind the illegal transactions, the intention to evade investigation is more obvious, belong to the intentional illegality. In respect of this bad behavior, the Chinese and the silver velvet industry has not mentioned any words in any of the announcements before and has not disclosed it as a relevant party. So far, snow crystal cashmere industry is still a high-quality customer identity and the company close "cooperation." These facts, and snow crystal cashmere industry is closely related to the Sino-Silver velvet industry should know, why not to report? Is there a bigger chess game hidden behind? Snow crystal cashmere industry side business side trade stocks This August, the reporter came to dry, tranquil Ningxia plain, on-site visits in the silver velvet industry in the Lingwu Cashmere Park. Snow Crystal cashmere industry and many other customers also settled in the park. Industry and commerce data show that snow crystal cashmere industry was established in May 2004, the legal representative for Liu Jinrong, the Department of the Silver Velvet Industry in 2011, the third largest customer, 2012 second largest customer. The two companies are less than 1 kilometers apart. Check the information, snow Crystal cashmere industry is a cashmere carding, cashmere, spinning, shirt, system, research and development of large-scale cashmere products import and export trade, production of national supplies deep-processing enterprises. Company's total registered capital of 10 million yuan, the existing staff of 65 people. From the text introduction, Snow Crystal velvet and the Chinese silver Velvet industry is a competitor, why to its procurement of products? In the snow Crystal Velvet Office, its reception room on the wall hanging profile said: now has 260 tons of comb without plush production capacity, product supply in the Silver Velvet Industry Co., Ltd.-This means that the snow crystal velvet industry is also the Chinese silver velvet industry suppliers. It is necessary to introduce the production process of cashmere products: first, the purchase of cashmere raw materials, washed into washed velvet, washed wool through the comb formed without plush, no plush can be made into cashmere, yarn, the latter can be made into cashmere sweater and other finished products. Visible, snow crystal velvet industry is engaged in washing velvet to no plush between the processing work. What is the relationship between snow-crystal velvet and the Chinese-silver velvet industry? Reporters in the factory interviewed a lot of employees, all said Liu Jinrong and horse country cooperation for several years, a personal relationship is very Benedict, is the brother, Mutual has been cross investment. Meanwhile, a piece of evidence from the authorities showed that, in 2010, regulators hadLiu Jinrong Control "Huang So-and-so" and other accounts exceeding the proportion of holdings in the silver cashmere industry shares did not follow the provisions of the Disclosure Act. According to the investigation, Liu Jinrong had commissioned Zhu So-and-so and Wang certain operation "Huang So-and-so" and so on 17 funds account sale in the silver Velvet industry stock, the fund is provided by Liu Jinrong, the related rights and interests belong to it all. At that time, the "Huang So-and-so" account group had a total of 9.539 million shares of the shares, accounting for 5.75% of the issued shares, more than 5%; The regulatory authorities found that Liu Jinrong's actions violated the Securities Act. Moreover, the Liu Jinrong's operation method is more concealed, the illegal transaction, evade the investigation intention more obvious, belongs to the intentional illegality. The regulator decided to give the Liu Jinrong a warning and fined 600,000 yuan. During the period of Ningxia, the reporter confirmed by many parties, the supervision department investigates the Liu Jinrong, is the snow crystal velvet industry legal person Liu Jinrong. The SFC "Information disclosure management measures for listed companies" clearly stipulates that: More than 5% of the shareholders of listed companies and their concerted action, the actual controller should be submitted to the list of related persons and the relationship of the description. The parties to the transaction shall not evade the related transaction review procedure and the information disclosure obligation of the listed company by concealing the relationship or adopting other means. The Shenzhen Stock Exchange "listing rules" and other regulations also require, the shareholders of more than 5% of the listed companies and their concerted action, and the actual control per capita should be identified as related parties, and other related parties which have special relationship with listed companies according to the principle of substance over form, which may cause the listed companies to tilt their interests should also be considered as related parties. Its transactions are disclosed and supervised in accordance with the rules of related transactions. As of now, the Sino-Silver velvet industry has not yet in the regular report to the snow crystal cashmere industry as a related party. In the background of knowing that Liu was in excess of the shares held by the company, the bank also insisted on working closely with him. In addition to snow crystal cashmere industry, other domestic customers also conceal the relationship in a more secretive way. Access to industrial and commercial information, June-Feng cashmere industry was founded in June 2001, the legal representative for Wang Yonggui, the Department of the Silver Velvet Industry in 2010, the first major customers, 2011, the second largest customer, the fourth largest customer in 2012. The two companies are about 1.5 kilometres apart. From the main business look, June Feng cashmere industry is also in the silver velvet industry. Reporter field visit June feng cashmere industry, the doorman said the company is currently in the shutdown state, no staff in the factory, when the recovery is still unknown. Reporter then as a buyer to the doorman to understand the company and the relationship between the silver velvet industry, the latter blurted out: "Horse Total 2009 bought the factory, now we give them to do carding." But said after startled Yizheng, and immediately asked: "You are not a buyer?" How could you not know this? Reporters also visited the Chung Hing cashmere industry. Industry and commerce data show that the company was founded in May 2005, the legal representative for Ma Jinzhong, the Department of the Silver Velvet Industry in 2010, the fifth largest customer, 2011 fifth largest customer, the first major customer in 2012. Check the information, Chung Hing Cashmere Industry specializes in carding domestic hair-free, export products are mainly sold to the British National Road Sen Company and Italy fine company, etc., the existing 200ton of lint-free capacity. Visible, Chung Hing cashmere industry is also in the interbank industry enterprises. Reporters in Chung Hing cashmere Industry Factory interview, only to see the doorman one. He introduced, the company has long been Lingwu a large cashmere enterprise acquisition, currently discontinued more than half a year. Reporter back to the silver Velvet industry factory, find several staff inquiries, the latter confirmed loyal Hing cashmere industry, June peak cashmere industry are the bank of the company. On the other hand, the 2008 Annual report of the Sino-Silver velvet industry showed that from August 2008 to August 2009, the company leased 700,000 Yuan to operate loyal hing cashmere industry. May 8, 2009, "Wuzhong Daily" published Wuzhong Trade and Industry Bureau Business Registration Bulletin information, showing the Yang Fabin of loyal Hing cashmere industry, shareholder change to Yang Xuejun, Yang Fabin, Wang Dongjun. People familiar with the matter said that since 2009, Chung Hing Cashmere industry is actually from the Zhang Jianwu, deputy general manager of the Yang Fabin is responsible for, and the Chinese silver Velvet workers. In addition, the reporter visits the Guobin cashmere industry, Cheng industry and trade presents another scene-has already transformed the real estate, the fur business. Access to industrial and commercial information, Guobin cashmere industry was founded in February 1998, the legal representative for Ma Guobin, the Department of the Silver Velvet Industry in 2009, the fifth largest customer, the first major customer in 2011. Cheng industry and trade was established in May 2001, the legal representative Dingsheng, the Department of the Silver Velvet Industry in 2012 annual report disclosed the fifth largest accounts receivable party, is also a customer. The two companies are less than 2 kilometers away from the silver velvet industry. People familiar with the matter told reporters, Ma Guobin for horse Country Fellow, is led the latter to do cashmere business master. Huge sums of money to be removed in vitro financial data doubts about the hidden interests in the chain of the silver velvet industry and suspected associated parties have a large number of transactions? Is there a more obscure business logic and interest chain behind it? Through a wide range of data carding and customer visits to the Chinese and silver velvet industry capital flows into the mouth, the reporter found its accounts receivable, prepaid, inventory and other subjects obviously abnormal, suspicious. Check the announcements, compared to the top five customers, the top five suppliers subject details, we know that in the silver velvet industry, almost all the domestic customers are suppliers. According to the disclosure, from 2009 to 2011, the company to Guobin cashmere industry, Chung Hing Cashmere industry and June-Feng cashmere industry three companies sell washed velvet is 85.4701 million yuan, 200 million yuan and 445 million yuan, respectively accounted for the annual sales of washed velvet 100%, 90.46% and 72.43%, Accounted for 11.17%, 17.11% and 24.57% of the sales revenue of the year. At the same time, from 2009 to 2011, the company purchased the three companies without plush 94.74 million yuan, 206 million yuan and 400 million yuan, respectively accounted for the year without plush purchase of the total amount of 53.64%, 72.3% and 65.23%, accounting for the total amount of purchases of 13.72%, 20.66% and 19.55%. In this respect, the allotment book lightly said: Due to the characteristics of cashmere industry and the status quo, the company's washed velvet sales customers and no plush procurement suppliers there is a partial overlap. Check in the silver velvet industry for many years reported the top five accounts receivable, prepaid account details, the above suppliers + customers "eat two" enterprises should also appear in the company accounts receivable,The top five list of prepaid accounts. such as June-Feng cashmere industry in the silver Velvet industry in 2011 the second largest accounts receivable objects, 2012, the fourth largest accounts receivable, but also the 2010 fourth largest prepaid object, 2012.5 Annual report of the third largest prepaid object; Snow Crystal velvet, Guobin cashmere industry, Chung Hing Cashmere industry have similar situation. Industry insiders believe that there is a possibility of such a operation: through the relevance of the Non-association of Disclosure, resulting in a pen commissioned processing business in the account of the income and the purchase amount of the financial effect, the authenticity of domestic production value of the question is enormous. At the same time, since only commissioned processing business, the Chinese bank of cashmere industry is willing to let customers "two" occupy funds? A reasonable explanation is that, through the prepaid and receivable two major subjects, the company will be large funds to the outside party to precipitate, to evade funds supervision. It is noteworthy that the Sino-silver cashmere industry to the suspected associated party sales of washed velvet domestic business, bring better than the same level of Maori: 2011 15%, 2012 19%, are higher than the company's sales of the product after the plush gross margin of 13% and 12.3%. Look at the earnings data, the Chinese silver velvet industry over the years of inventory continued to climb, as of 2013 the first half of the inventory amounted to 2.71 billion yuan, accounting for nearly half of the assets, the motives of their hoarding goods are doubtful. Compared with 2009-2012 data, 4 years, the company's operating cash outflow of 1.1 billion, but the inventory increased by 1.6 billion. Is the stock of the Chinese-silver velvet industry authentic? Reporters interviewed a number of domestic cashmere leading enterprises, are identified in the silver cashmere industry, the raw materials inventory is not much, the spring of 2013 also because of insufficient supply of raw materials to the industry other companies to carry out high-priced acquisitions. Even if the inventory is real, is it necessary to continue to increase inventories? A cashmere giant in an interview with reporters explained that cashmere enterprise raw material inventory, generally to meet one to two years of production is appropriate, cashmere is renewable resources, excessive accumulation is not necessary, "similar to the practice of silver, inventory ratio is obviously too high, reflecting the sales capacity lag, occupy a large amount of funds, and may occur large inventory loss." "Apart from the company's alleged upstream monopoly strategy, whether there is another financial operation of the Organization: one side in the profit statement of the virtual increase in profits, while the balance sheet to increase the difficult to assess inventory?" It is noteworthy that since 2009, a large number of government subsidies, discount and export tax rebate accounted for the total profit of the silver velvet industry, more than 60%, which is the source of its profit growth. According to the investigation, in 2009-2011, the company received the government subsidy income to the current period net profit effect is: 25.9222 million yuan, 36.1944 million yuan and 52.8473 million yuan, the proportion that accounts for net profit is 66.37%, 48.56% and 31.77% respectively. Since 2013, the company has received a larger government subsidy, up to now 211 million yuan. From 2009 to 2011, the tax refund amount of the Chinese-silver velvet industry is 21.4 million yuan, 41.86 million yuan and 96.66 million yuan, respectively, the proportion of total profit in the current period is 36.07%, 53.06% and 52.8% respectively. All sorts of puzzles, the Chinese silver velvet industry needs to give the public aAn explanation, it is time to let the sun illuminate the truth! Reporter Schhao Wang Xieqing Zhigou Huang Panjian Newspaper in Hong Kong reporter Chan to this article also has contributed