Fog over Roe Island: Inventory Puzzle pending disclosure of information

Everyone has an experience of lying, especially in childhood. It's just "homework done", "I didn't watch TV," and "I don't know who ate the sugar." Think back, big can laugh. Children are children, always do not understand, lies in fact will always be exposed. Homework after all to pay, snacks less can not become more. Perhaps at that time also understand, but the delay is a temporary. The funny thing is that some people grow up and still play this kind of self-deception. Everyone knows that nothing is ever going to come out, and the things that people do don't really go unnoticed. The only secret to lying without being pierced is to say nothing. This reporter looks at the Fujian report has been a variety of research fellow securities research newspaper bullish Roe Island (market, interrogation) (002069. SZ) Inventory, unexpectedly is a capital market shock "time bomb". "The company is in accordance with the requirements of the regulatory department self-examination, when the card is not yet determined." November 21, 2014, Roe Island staff told the 21st century Economic report reporter, "self-examination to wait for Supervision Department audit no problem can be a duplicate." "Statistics show that the Roe Island in 2014, as high as 1.018 billion yuan in the inventory write-off processing and the provision for depreciation, is its 2013 net profit of 96.9428 million Yuan 10.5 times times." "November 5 notice on the large write-off and the depreciation of the preparation for the issue of self-examination, 12th Bulletin added to the matter of inventory details constitute self-examination, 19th Bulletin added to the inventory of internal monitoring system, the existence of large shareholder funds occupy the situation and other related matters of self-examination. "Things are changing in Roe Island," said one investment banker in South China. "The withdrawal of the timing of the increase in doubt Roe Island three quarterly disclosure so far only more than 20 days, all walks of life on the Roe Island has not stopped questioning." Roe Island rattled, the announcement of the withdrawal of the non-public offering may be suspected of false disclosure. Said investment bankers. The reason is that, November 19, Roe Island Bulletin said: "In view of the company's bottom broadcast shrimp scallops suffered major disaster losses, leading to significant changes in operating performance, after careful study with the sponsor, the SFC submitted to the Securities and Futures Commission to withdraw the application for the review of the application documents." Recently, the company received the "China Securities Regulatory Commission Administrative license application for termination of Examination Notice" ("2014" 199th) approval. On the same day, Roe Island also disclosed that the company convened a meeting of the board of directors at 15 o'clock on November 17 to consider the adoption of the motion on the withdrawal of applications for non-public offering of shares. "17th afternoon meeting decided to withdraw the application for Non-public offering, 19th on the announcement in ' recently ' received the SFC to terminate the review notice, means that the SFC in one day to withdraw the approval, the efficiency of the extraordinary high." "The investment bankers said. 21st Century Economic Report reporter enquiries found that according to the Chinese-color shares (market, interrogation) (000758. SZ) November 5 announced that its application for the withdrawal of the Securities and Futures Commission to withdraw the application documents of the Board of Trustees to consider the adoption of the time is October 23, until November 4 received the SFC ("2014 "198th" to terminate the review notice. Even the relatively "fast" purple shares (market, interrogation) (000938. SZ), its July 10 to the SFC to withdraw the application, but also on July 25 to receive a notice of termination of the review. and the Sino-color shares and purple shares of the office address in Chaoyang District, Beijing and Haidian District, with the CSRC in Beijing, Roe Island Office address is far away in Liaoning province, Dalian City in the mountainous area. "The most direct reason is that a few days ago in the name of the board resolution to the SFC to submit the withdrawal of the application, but forget the board resolution must be announced in two trading days, panic among the notice, had to fill a different date of the board and announced." "The investment bankers said. Roe Island staff also to the 21st century economic reporter said that the company to withdraw the timing of the increase is not convenient to inform, "at that time through the General Assembly of the plan to authorize the Board of directors to determine the relevant matters." However, the 21st century economic reporter learned from the relevant channels, the SFC issued the termination of the Roe Island review of the letter dated November 16, 2014, than the Roe Island held a board meeting to consider the adoption of the withdrawal of non-public issues of stock application documents of the Bill November 17 is also one day earlier. However, whether the disclosure issue is punished, after the "Black Swan" implicated, Roe Island plans to increase the maximum of 1.37 billion yuan to replenish liquidity and repayment of bank loans in the Midway abortion, will make its tight financial pressure more difficult. There's no doubt about the inventory. According to Dahua accounting firm on the Roe Island in part of the sea, the storage of shrimp scallops, write-off and the depreciation of the preparation of accounting treatment of the special statement, its October 18, 2014, 20th, 25th amounted to three days, on the Roe Island 2011, The inventory of some of the sea areas where the scallop was sown at the end of 2012 was carried out. A partner of a securities certified accounting firm told the 21st century economic reporter that considering the particularity of the Roe Island industry, accountants should hire independent third party professional bodies to carry out inventory calculation, which is persuasive. However, the CPA did not engage an independent third party professional body. The above special instructions show that the participants are counted the ship's captain and the crew on board, Roe Island's financial staff, accounting firm's supervisors. "Roe Island This kind of inventory of the method of calculation is more special, need experts to professional identification of inventory." "The partner of the securities qualification accounting firm said," most of the auditors are financial professionals, on this node, although the accountant's own judgment has always been inseparable from, but must be independent third-party professional institutions to make a final calculation results. "This Roe Island in addition to 1.018 billion yuan in the inventory write-off processing and accounting for the depreciation of the preparation, the company Roe Island Chairman Wu Hougang also publicly said, in accordance with the average yield of 40 kg and 30% gross margin calculation, the company also has a more than 200 million invisible loss of profits." Wu Hougang also said that the seeding process are the people of their own company, no third-party agencies present, accountingThe division is present only when the stock is counted. "1.018 billion of dollars in inventory loss and impairment, there are two questions, one is the company disclosed the inventory formation process is the fact that the second is the loss of the inventory is cold water regiment caused?" "It may never be possible to make a conclusion," said the investment banker. "" Inventory is false, is the common practice of listed companies, take the transfer cost less turn, thereby falsely increased profits, such as the late profits of the slow digestion, and finally the hole to make up, if there is no room to fill, on the large reduction of the value of the write-off. The partner said, "No matter how cheating the inventory, it should be reflected in the end, but in advance or postponed." "I think it's not just a matter of inventory," the partner said, if the inventory was rigged and the entire earnings were reversed.