New Australia shares financial data doubtful

"Red Weekly" author Jingchu Zhejiang New Australia Textile Co., Ltd. (hereinafter referred to as the new Australian shares) in the prospectus supplemented the 2014-year report materials, again disclosed the prospectus, sprint listing. The company is to be in Shanghai Stock exchange for the first public offering not more than 26.68 million shares, to raise capital of 431 million yuan, fund-raising plan for 20000 ingots high-grade worsted eco-yarn project and reimbursement of 100 million Yuan bank loan project. However, for the time being, the overall development situation of the textile industry is not optimistic, the timing of the new Australia stock option is a challenge. Red Weekly reporter in looking at its prospectus, found that the company's operating conditions are not good, its financial data there are many doubts need to explain the company. The stock is high, the quantity of goods in stock is doubtful according to the company's prospectus, the main business of the new Australian shares is the development, production and sale of worsted yarn, mainly for the worsted yarn and the wool tops of the intermediate products. Among them, the ratio of worsted yarn to operating income is 53.7%, and the ratio of wool tops to operating income is 41.44%, and the proportion of the total operating income is 95.14%. From the point of view of the prospectus, the company not only has a large inventory, inventory accounted for the high proportion of current assets, the inventory of commodity data there is a very obvious anomaly. During the reporting period, the shares of the new Australia stock were 340 million yuan, 356 million yuan, 412 million yuan and 292 million yuan respectively, and inventories accounted for up to 55.78%, 61.86% and 59.04% respectively at the end of 2011 to 2013. Red Weekly reporters sorted out the company's prospectus mentioned in Shandong Ruyi (002193, shares bar), Ordos (600295, shares bar), in the Silver Velvet industry (000982, shares bar), Lugang technology (601599, shares bar) 4 listed companies in the data found that, The average liquidity ratio of these 4 listed companies was 47.87%, 44.2% and 45.16%, respectively, from 2011 to 2013, while the ratio of the shares in new Australia was as high as 55.78%, 61.86% and 59.04%, which was significantly higher than the industry average. Subsequently, the reporter looked at the details of its inventory, found that the new Australian textile inventory data anomalies. In the stock of the new Australia stock details, the inventory of goods in the reporting period of up to 197 million yuan, 161 million yuan, 229 million yuan, 148 million yuan. Reporter calculated The new Australian shares 2012 years of inventory of goods, 2012 yarn production of 60.9701 million tons, sales of 60.306 million tons, production and sales rate of 98.91%, This can be recorded in 2012, the stock of goods yarn increase of 66.41 tons, 2012 tops production of 5387.11 tons, sales of 5547.11 tons, production and marketing rate of 102.97%, Top of the sales volume of 487.63 tons, it can be produced in 2012, not only all sold, but also the original inventory of 647.63 tons of top sales. 2012 Sales price points for yarns and topsDon't be 145,700 yuan/ton, 103,100 yuan/ton. Then the 2012-year inventory of goods yarn and tops reduction of 57.0947 million yuan. If the 2012-year inventory of goods completely for the end of 2011, then 2012-year inventory of goods should be 197 million yuan minus 57.0947 million yuan, a total of about 140 million yuan, but 2012 years of 161 million yuan inventory of goods from where? Look at the 2013-year inventory of goods, 2013 yarn output of 7428.27 tons, sales of 6786.64 tons, production and marketing rate of 91.36%, so that 2013 stock of yarn increased by 641.63 tons; the same year, the top production of 5101.19 tons, sales of 4674.56 tons, production and sales rate of 91.64%, the domestic top volume of 747.84 tons, which is the inventory of goods tops reduced to 321.21 tons, According to the prospectus that 2013 yarn and top prices of 138,100 yuan/ton and 94,400 yuan/ton, the 2013-year inventory of goods yarn and tops of the increase in the amount of 58.2869 million yuan. The 2012-year inventory of goods transferred 140 million yuan, inventory of goods for a total of 198 million yuan, and the report of the inventory of goods is 229 million yuan. 2014 years ago 6 months yarn output of 3715.43 tons, sales of 4456.11 tons, production and marketing rate of up to 119.94%, which can be counted on the stock of yarn reduced 740.68 tons, the top production of 2589.34 tons, sales of 2518.05 tons, production and sales rate of 97.25%, Top of the sales volume of 514.25 tons, can be counted as the top of the inventory reduced 442.96 tons, by the prospectus, the current period of yarn prices and tops prices are 136,900 yuan/ton and 87,200 yuan/ton, Then the June 2014 Inventory of goods yarn and top of the actual reduction of 140.0252 million yuan, the 2013-year carry-over of the 198 million-yuan inventory of goods, the actual inventory of goods should be 58 million yuan, and financial statements, the display of the inventory of goods indeed up to 148 million yuan. This more than 90 million yuan inventory of goods, and from where? More puzzling is that the new Australia shares in the yarn and tops of the annual production and sales rate is very high, in addition to 2013 years in the reporting period, inventory of yarn and tops of the number of negative growth, as a lack of capital enterprises, why every year to produce hundreds of millions of yuan of inventory of goods placed in the warehouse, Instead of releasing more liquidity to repay huge bank loans by reducing inventory? Net profit in place, a variety of risks coexist according to the new Australia shares prospectus, the company 2011 to the end of 2013, operating income amounts to 1.467 billion yuan, 1.489 billion yuan, 1.429 billion yuan, the net profit margin is 101 million yuan, 80 million yuan, 101 million yuan respectively. Can be seen, the company's operating income 2012 years than 2011 growth of 22 million yuan, an increase of 1.5% per cent, increasedThe long range is quite small, and in 2013, although the operating income was reduced by 60 million yuan in 2012, a year-on-year decrease of 4.03%, but net profit has increased, but the total amount of 101 million is coincidentally the same as the 2011 value. From the main income and net profit changes, in the past three years, the new Australian shares have a clear momentum of development, lack of performance. From the operating point of view, if the net profit lingering long ago, it will affect the expansion and development of enterprises, which will bring business risks. In the flat of the company's revenue and net profit performance, three items in the past 3 years did not appear to be affected by the fluctuation of operating income, but showed a trend of obvious growth, and during the period from 2011 to 2013, the three expenditures were 117 million yuan, 131 million yuan and 140 million yuan respectively. In these costs, the financial costs are particularly suspicious, its 2011 financial costs of 10.8252 million yuan, but in 2012 years, financial costs unexpectedly increase 85.42% Reached 20.0718 million yuan, the prospectus, although interpreted as the impact of the exchange rate and the growth of interest payments, however, as a company ready to go public, it can not control the basic cost of financial costs, and how to control the financial risks of the entire company? In addition to the above issues, the reporter also found that the new Australian shares in the gross margin, High-tech Enterprise qualification, corporate equity and other aspects also have certain problems, in this regard, Red Weekly reporter will continue to pay attention.