Huachangda acquisition of DS-Mei data doubtful reappearance of borrowed money

Red Weekly previously published the "DS Mecco Business Data serious conflict Hua Chang Tatsu 10 times times the acquisition of expensive" article, pointed out that Huachangda issued the acquisition of Shanghai Demeco Asset Acquisition report, as well as the two in the audit report, the main customer sales figures in the amount of up to tens of millions of yuan difference. Subsequently, Huachangda suspended for half a half-day and issued a relevant clarification announcement, in the clarification of the announcement of the company modified the asset report data and DS-MEI audit report data. What is surprising, however, is that in the financial data disclosed by Huachangda, financial doubt is not only this, but there are still many confusing points that deserve attention. Combined profits "more than 35 bucket" according to Huachangda disclosed the company's structure information, in DS Mecco's parent company only has 3 merged within the scope of subsidiaries, respectively, Tin Chak Soft control, tin Ze Technology and Shanghai Road, The total amount of the 3 subsidiaries, together with the parent company of DS, in 2013 years, amounted to 35.8154 million yuan. Under normal circumstances, the company eventually merged net profit from the parent and subsidiary companies to achieve the net profit, in excluding the parent company received a merger within the scope of the subsidiary dividend investment income and other offsetting factors, the final combined net profit should be similar to the total amount of net profit of parent and subsidiary company. Oddly enough, however, DS Mecco disclosed a total net profit of $36.6146 million trillion, compared to its parent subsidiary's net profit of 799,200 yuan. So where does this net profit of about 800,000 dollars come from? Need to explain, the acquisition of the company's Mecco soft control time for March 2013, which means that DS is not able to control the full profits of the 2013 to merge the scope of the merger, can only be merged to achieve the profit portion of the acquisition. Then is it possible that the days of the soft control in the acquisition before the loss, and after the acquisition of a substantial profit, which led to the combination of the company in the statement of the days of soft control net profit is greater than the full profit of 2013? Huachangda in the previous clarification of the announcement, in response to the main customer sales data contradictions in the explanation of the doubt, said, "The Comau (Shanghai) Engineering Co., Ltd. 2013 most of the revenue from the Yu Tianze soft control before the merger, and staff mistook their statistics for the Shanghai Demeco 2013 consolidated report data." From this explanation, Tian Ze soft control has achieved a large amount of operating income before being bought by DS, and even most of its annual operating income for its main customers comes from prior acquisitions. It can be imagined that the days of the soft control in the acquisition before the operating state should be very good, there is a large amount of business income, this is bound to correspond to the days of the soft control in the acquisition before the large profits achieved. Based on the subsidiary of Tin Chak Soft control 2013 net profit was not fully integrated into the scope of the merger, and the company should have achieved a large net profit before the merger of the two facts, not only will not cause DS Mecco eventually merged net profit over parent-subsidiary company net profit Total amount, on the contrary, the "hind legs" of the combined net profit should be pulled to some extent. In other words, MECCO 2013 consolidated net profit amount, should be less than its parent subsidiary net profit total amount of 35.8154 million yuan is normal, not to mention its disclosure of net income of 36.6146 million yuan. From this, we have reason to doubt that DS Mecco is likely to have the behavior of artificially regulating manipulation or even adding net profit. Confusing loan to see DS Mecco loan data, is also a group of disorderly account. According to its consolidated balance sheet disclosed that the company's external borrowing only involves short-term borrowings, the balance of 2013, the year-end balances were 10 million yuan and 50.5 million yuan, net increase of 40.5 million yuan, and long-term loans and the current period of non-mobile liabilities due to the balance is zero. However, corresponding to this, the consolidated cash flow statement in the "acquisition of cash received by the loan" and "cash to repay the debt payments" subjects were 110 million yuan and 58 million yuan, the total amount of the net increase in borrowing under the company's combined caliber is as high as 52 million yuan, This is inconsistent with the data reflected in the aforementioned balance sheet, which is millions of yuan. If this data discrepancy may be caused by the merger within the scope of the new days Ze soft control company, then DS Mei Ke parent company also exist similar data contradictions, I am afraid it is difficult to explain? Based on the financial data disclosed by the parent company, the cash flow statement "cash received from borrowings" and "cash payable on payment of debts" were 90 million yuan and 40 million yuan respectively, corresponding to a net increase in the loan balance of 50 million yuan; however, the short-term borrowing balances of the parent company's balance sheet show the beginning of the period, The end of the balance is 0 and 25 million yuan, the net increase in debt is only 25 million yuan, then the other 25 million yuan to borrow where? This is really incredible. In addition, the credit policy that DS Mecco for its main customers is too loose, for example, for Shanghai General Motors Limited, according to the audit report disclosed data, DS Mecco 2013 from the customer received the operating income of 52.4214 million yuan; from the Accounts receivable main customer information, Shanghai General Motors Co., Ltd. This one end customer has been divided into two specific, independent sales target, respectively, "Shanghai General Dongyue Automobile Co., Ltd." and " Shanghai General (Shenyang) North Sheng Automobile Co., Ltd., DS Mecco for the two specific sales of the end of the accounts receivable balance is 50.8708 million yuan and 6.4176 million yuan, the aging of all 1 years, the total is 57.2884 million yuan. Visible, DS Mecco for Shanghai general accounts receivable balance, significantly exceed the operating income of the same period, of course, this difference can be explained by the VAT sales tax, but it is also difficult to hide the company's sales of Shanghai, almost all of the accounts receivable, but not the actual amount of cash received the fact. The company, based on Shanghai's general credit policy, has a huge difference from other major customers, and the knot policyToo lenient, this also can not help but question, does DS Mecco exist through deliberately loosen credit policy to stimulate short-term sales growth, and then artificially increase income, profit level financial manipulation behavior?