Jiangsu Double star sculpture suspected Joan Flower second

Jiangsu Double star Sculpture new Material Co., Ltd. (hereinafter referred to as "Jiangsu Double Star"), will be issued on 13th, the Audit Commission IPO. This is the second influential "membrane" enterprises in Jiangsu to enter a-share market, the former one is a great reputation of Jiangsu Joan Flower (stock abbreviation: St Joan Flower). The IPO prospectus of Jiangsu Double star exposes its high liability and external guarantee.　　Some investors feel that two of "membrane" enterprises, some common characteristics, let people worry. -Express reporter Gallstone Existence "external guarantee risk" forced Jiangsu Joan Flower to seek and Jiangsu State letter reorganization of the important factors, it is from the company's unknown external guarantee. And Jiangsu Double Star also reported to the regulator: there is "external guarantee risk", may have a certain impact on the company's production and operation and financial situation.　　Two "membrane" enterprises, will not step into the same river, which is a worry for investors. Jiangsu Double star admits that as of the date of the prospectus, the amount of the company's external guarantee is 31 million yuan, all of Jiangsu wo-Friendly Chemical Co., Ltd. Guarantee, the total amount of corporate security accounted for December 31, 2010 The company's net assets of 5.02%.　　And the reason will risk to produce these external guarantee, Jiangsu double star explanation is: "Business development faster, capital demand is big, in order to meet the production of capital, the company and the assets of fine, good credit enterprises to take each other as a guarantee of the way to obtain bank loans." Reporter investigation found that the Jiangsu Joan in 2008 when the breach of warranty, also explained the reason, the same "business development needs funds", "the incident was the guarantee of enterprise qualification is still good" and other reasons, and the Jiangsu double Star is now similar to the saying. Because of the security incident, the cost of Jiangsu Joan pay is enormous.　　Because the creditor of the security related party applies to the court for the preservation of the lawsuit, the court has frozen the company's bank account which provides joint and several liability, which causes the operation condition of Jiangsu June to be seriously affected. Jiangsu Double Star Of course, this is not the case now, but, like the Jiangsu Joan Flower, Jiangsu double stars do not have to guarantee once the deterioration of how to deal with the institutional arrangements; Jiangsu Double star just said: "Although the current secured enterprises operating in good condition, financial stability, and in the foreseeable future, there will be no impact on their solvency of the major adverse matters, but if the above-mentioned enterprises can not repay the maturing loans, the company's production and operation and financial situation may have a certain impact."　　"The high level of indebtedness needs to be pointed out that, the Jiangsu double star of this large amount of mutual guarantee, is in its own large liability in the case of the situation." According to the data submitted to the regulatory authorities: As of December 31, 2010, Jiangsu double Star flow ratio of 0.60, the rapid rate of 0.39, the company's flow ratio and low speed ratio. Moreover, it cannot be ruled out that the short-term solvency of the company will be affected by the changes in the future macroeconomic environment. The company's explanation for the problem now is: 1. Take a pre-The sales policy of receiving payment has resulted in less accounts receivable, resulting in a low supply of goods, resulting in a lower volume of mobile assets; 2. The company's sales policy resulted in more accounts receivable, the company in accordance with market conditions continue to expand production and procurement scale resulting in more bills payable, resulting in higher flow liabilities.　　In addition, from the long-term solvency indicators, the end of 2008, the end of 2009 and the end of 2010, Jiangsu double star assets and liabilities ratio of 73.59%, 70.34% and 53.75%, the ratio is at a high level, so the company also faces a certain long-term solvency pressure. In addition, the independence of Jiangsu binaries still exist problems. The main performance is that due to the concentration of raw material suppliers, dependence is beyond the normal level. Company's main raw materials polyester chips upstream products for oil, domestic polyester chip manufacturers mainly in China Petrochemical group (including its subsidiaries) led by large-scale petrochemical enterprises. At present, China Petrochemical Co., Ltd. is the main supplier of polyester chips, in the prospectus involved in the reporting period, Jiangsu double star to China Petrochemical Co., Ltd. to purchase the amount of polyester chips are 110 million yuan, 289 million yuan and 716 million yuan, accounting for the company in the year (2008, 2009, 2010) The proportion of total raw material purchases was 33.15%, 60.86% and 77.71%, respectively.　　The future still does not rule out the dispute between the company and the supplier causes the contract not to carry out smoothly and other unforeseen factor causes the company raw material shortage the risk. An analyst of a securities broker pointed out to reporters that the reason why Jiangsu Joan had entered the St ranks and was forced to sell shell resources in order to restructure the novelty was the root cause of the fact that the debt was too high to seek funding and ultimately could not be repaid. This is a cautionary tale that the twin stars of Jiangsu must take seriously in case they repeat themselves.