Ocean Motor Fundraising Project slow to be rectified

This report (reporter Wang Haojiao) for the Guangdong Securities and Regulatory Bureau this February to the company's 2010 annual report and other matters of the site inspection found problems, the ocean motor in Saturday issued a rectification reports. According to the inspection results of the Guangdong Securities and Regulatory Bureau, the Ocean Motor part of the project is progressing slowly and achieving the benefit is not up to the expected income level. Guangdong Securities and Regulatory Bureau believes that as of the end of 2010, the ocean motor to raise capital investment projects in addition to the washing machine motor upgrading projects, fan load type AC motor Expansion technology project,　　High-efficiency intelligent motor and brushless DC motor Technical renovation project and Hubei Hui Yang implementation of fan load-type AC motor construction projects have not reached the expected yield estimates of the promised benefits, part of the fund-raising investment projects slow progress, not conducive to performance improvement. Ocean Motor Prospectus shows that the company expects that the four major projects in 2010 fully up to the postpartum will achieve a total profit of 187.5366 million yuan.　　However, its 2010 annual report showed that the promised investment project ended at the end of 2010 with a progress of 74.11% and achieved a benefit of 75.5268 million yuan. Ocean motor Interpretation, by the global financial crisis and raise funds in place later than expected impact, the company in 2010 real time to the investment projects to adjust the progress.　　The actual benefits of new projects failed to achieve the promised benefits due to the impact of production management, personnel proficiency, raw material prices and exchange rate fluctuations. In addition, in corporate governance and internal control, financial accounting work, the Guangdong Securities and Regulatory Bureau also requires the improvement of the ocean motor and norms.