Financial data and customer "fight" The secret of Iraq's financial authenticity was questioned

Guangdong Yi-Mi Precision Machinery Co., Ltd. (hereinafter referred to as "The Secret of Iraq") recently disclosed the prospectus on the China Securities Regulatory Commission website, which is a company of Huatai joint Securities sponsorship, and its financial data and its first major customer, the listed company, Hong Special precision (300176. SZ) There are obvious contradictions, the performance in Iraq's secret of the advance accounts, accounts receivable and the Hong-special precision of the prepaid amount is completely inconsistent. An investment banker said in an interview with the first financial news reporter that there are obvious contradictions between the listed company and the listed company's financial information, which is rarely seen, the listed company or the suspicion of fraud, also indicates that the core work of investment Bank has some problems; on the other hand, Iraq's huge accounts receivable, inventory and construction projects, Makes people wonder about the authenticity of their finances. Inconsistent with customer financial data the main products for polymer materials molding injection molding equipment and light alloy molding equipment, products are mainly used in household appliances, automobiles, 3C products, medical equipment, packaging and aerospace and other fields. The prospectus shows that Guangdong Hongda Precision Technology Co., Ltd., the listed company, Hong-te Precision 2013 became the first major customer of Iraq, hung special precision mainly engaged in the design, production and sale of aluminum alloy precision die-casting, auto parts and communications parts and so on. 2013, the Hong special precision to Iraq's secret procurement of 12 die-casting machine, the amount of 18.2564 million yuan. As of December 31, 2013, the above 12 die-casting machines have been delivered and the installation and commissioning completed. At the end of 2013, as a major customer, Hong-precision ranked the first in Iraq's secret accounts receivable amount of 9.7863 million yuan, accounted for the proportion of accounts receivable reached 5.37%, and the Hong-Special Precision 2013 Annual report shows that its close to Iraq, the advance accounts for 11.5337 million yuan, the two are not related. However, Iraq's secret prospectus shows that in 2013 its top five customers received the sum of 2.55 million ~881 million, and the number of the top five customers in the list of clients, did not appear in Hong-te precision, so it seems that the Iraqi secret to the Honte precision of the received accounts less than 2.55 million yuan, But this has some contradictions with the statement that the Hong-te precision buys in advance. A senior investment Bank project manager to the "First financial daily" reporter that the amount of prepaid and customer advances should be consistent, Iraq's tight balance sheet, on the Honte precision is the accounts receivable for 9.78 million yuan, And in the Hongda is a prepaid account for 11.5337 million yuan, if the precise data is not a problem, then Iraq's secret to Honte precision should have tens of millions of equal amount of received accounts, and Iraq's secret of the received account list of Honte precision is less than 2.55 million yuan. South China Securities investment banking executives believe that it is possible for a company to have both prepayments and accounts receivable at the same customer, although the average enterprise will be directly deducted from each other after the net amount of treatment, and according to Iraq's secret prospectus said sales of only more than 18 million yuan, the two are not the possibility of separate treatment, This underlines the potential contradictions between the financial data and the otherIt is possible that some companies would divide the received accounts into "other current assets". But the balance sheet of the firm's prospectus shows that "other current assets" amounts to zero; the investment banking executives believe that this may reflect a certain problem with the sponsor's core, and that the current rate of bank transfers is fast, and it would not be justified if the accounts were not accounted for. Accounts receivable, the huge amount of inventory in addition to the above and listed companies in the financial data has greater contradictions, for Iraq's secret, its accounts receivable, inventory, the amount of work under construction is also worrying. At the end of 2011, the net accounts receivable of ~2013 were 91.6929 million yuan, 139.0763 million yuan and 172.1134 million yuan respectively, which accounted for 19.38%, 26.45% and 27.81% of current assets respectively. The prospectus explains that the company accounts receivable at the end of 2012 than the end of 2011, the increase of 51.68%, the same period operating income growth of 12.26%, accounts receivable increase in excess of operating income growth, mainly due to the number of company customers, by the impact of the 2012 macroeconomic environment, some customers slow down payment, resulted in a substantial increase in the balance of accounts receivable at the end of 2012. In the year of 2011, ~2013 's inventory balance was 262.2682 million yuan, 234.9142 million yuan and 288.9252 million yuan respectively, accounting for 55.44%, 44.68% and 46.68% of the company's current assets. Iraq's secret explained that the larger inventory balance is mainly determined by the characteristics of the company's products and production patterns. Company's products are mainly custom-oriented products, unit value is large, production and sales cycle longer, from raw materials, purchased parts purchase, to the organization of processing, assembly, delivery, and then to installation and commissioning, to achieve sales, lasted about 2-8 months, resulting in inventory, especially in the total value of products. 2011 ~2013 years, the company under construction of the balance of 57.3326 million yuan, 94.2634 million yuan and 179.5386 million yuan. The prospectus explains that during the reporting period, the company is under construction the balance of the growth rate faster, the main reason is the company to fight for market opportunities, expand market share, with its own funds forward to the issue of fund-raising investment project "Injection molding machine and die casting machine production Base Project" and Xuzhou Yi's secret infrastructure construction. As of the end of 2013, "Injection molding machine and die-casting machine production base Project" The balance of the construction project is 115.35 million yuan, Xuzhou, the foundation of the construction of the project in the balance of 46.4796 million yuan. Certified Public Accountants believe that the high level of accounts receivable, making the possibility of inflated income increased, and large amounts of inventory, as well as a large number of construction projects, can be used as a hidden cost of the subject, which makes Iraq's secret whitewash performance is more suspicious.