China Silver Velvet Industry: Directional additional issue will be carried out as scheduled

Securities Times Network (www.stcn.com) September 25 news in the Silver Velvet Industry (000982) to clarify the announcement of the special statement will be 25th from 14:00 to 16:00. Company Chairman Ma Seng, executive Vice general manager Ma Feng, board secretary, Deputy general manager Chen Xiaofi, finance director Lu Ying and other senior executives are present, seriously answer a large number of questions, to the market show the company's confidence. Executives responded to questions about the media and said Citic Securities, as always, had confidence in the company and would participate in the company's additional offerings as scheduled. Financial profit and demand savings interest rate 1000% The crisis has caused the company's share price to plummet, and the company said it would consider measures to boost investor confidence, not excluding measures to increase stakes. Regarding the foreign trade transaction question, the company said, the export generally chooses in Tianjin, Shanghai, Shenzhen three ports delivery. As entrepot trade generally in Hong Kong, so customers will be designated in Shenzhen delivery, customers complete the inspection and receiving formalities after delivery. The company said, is also constantly optimizing customer structure adjustment, mainly overseas sales direct customers concentrated in Europe and the United States and Japan, such as Japan Uniqlo, Sweden H&m, Germany C&a and P&c, Spain department stores, ZARA, Holland Repeat, Macy's, the five Avenue Saks Department Store , the United States Nordstrom department stores and so on. On the issue of high asset-liability ratio, the company said that in recent years, the company's production and operation Scale has been expanding, resulting in the company's required raw materials to increase. In order to guarantee the production demand of the future year, the amount of the company purchasing raw material expenditure is larger than the amount of the operating cash inflow, thus causing the company's operating cash flow to be negative. The company's operating cash flow is a considerable part of the inventory, used for strategic reserves of raw materials. In addition, because the cashmere industry is a capital-intensive industry, the demand for working capital is greater, and the company's scale continues to expand, the company relies on short-term loans to meet the growth of operating capital demand, resulting in higher asset-liability ratio. At the same time, the company explained that, in recent years, with the company's increasing profitability, as well as the 2011 and 2012 of two refinancing, the company's asset-liability ratio from the end of 2010 to decline from 81% to the end of 2012 66%, the level of asset-liability ratio steadily decreased. According to Dong, the Ningxia Securities and Regulatory Bureau on September 16 to enter the challenge of on-site verification, access to the company's relevant information, the company related personnel inquiries. The company fully cooperated with the certification authority's on-site verification work, and provided all the necessary information for verification as required. At present, the supervision Department's on-site verification work has been completed and through its internal procedures to report the verification findings to CSRC. (Long)