Oriental Ka shing 90% income from HP performance hidden financial risk

Xia Yin Li Yanling September 8, 2010, the SFC website announced that the Commission is scheduled to hold the 56th audit meeting in 2010 on September 13, 2010, Audit Shenzhen Oriental Jia Sheng Supply Chain Co., Ltd. (hereinafter referred to as "Oriental Jia Sheng") starting application.　　However, the reporter consulted the oriental Jia Sheng Prospectus found that its performance is suspected of "three crimes." One: The Oriental Ka Shing parasitic in HP, and 2010 1-June, from HP's operating income accounted for 92.92%. Second: The growth of its performance into doubt.　　Third: The Oriental Ka Shing's main business through the forward foreign exchange contract payment, resulting in the original worrying performance, hidden financial risk.　　The parasitic Hewlett-Packard prospectus shows that the Oriental Ka Shing was established in July 2001 with a registered capital of 100 million yuan. Its main business focus on IT products logistics and supply chain management services, and the company initially expanded HP's notebook, LCD display and other major product line supply chain management business.　　After years of development, the East Ka Shing operating income has always been supported by HP, its customer base has not undergone a substantial change. In the past 3 years, the top 10 customers in the east, the sales of HP's revenue over the calendar year accounted for over 90%.　　In 2009, Oriental Ka Shing came from another PC brand-Acer's revenues accounted for only 0.28%. "Supply chain service is a competitive market, the Oriental Ka Shing main operating income from HP, in the IT market supply chain services in the market share is limited, and no absolute advantage, and its own performance growth is subject to HP's production and sales."　　A brokerage analyst told reporters.　　High growth "Gao"?　　2007, 2008, 2009 East Fang Jiasheng respectively to achieve operating income of 7.442 billion yuan, 7.307 billion yuan and 8.531 billion yuan. and Gem listed one of the conditions for "the last two years of continuous profit, in the last two years, the net profit accumulated not less than 10 million yuan, and sustained growth, or the last year of profit, and net profit of not less than 5 million yuan, the last year operating income of not less than 50 million yuan, the last two years, the growth rate of business income is not less than 30%.　　"And the 2008-year and 2009-year growth rates of the Oriental Ka Shing have not reached 30%, and 2008 is negative."　　Even more surprising is that the Oriental Jia Sheng 3 years of net profit is only 46.7 million yuan, 74.26 million yuan, 118.26 million yuan, that is, its net sales rate of 0.63%, 1.02% and 1.39%.　　Compared with the 2009, the first landing of the gem supply chain service provider Xinning (300013.SZ).　　2008 Xinning Logistics operating income growth rate of 38%, and set 2007-2009 its net sales rate of 24.94%, 16.45% and 17.21%. "Xinning Logistics supply chain services are mainly in the electronic information industry, such as Tyco, Toshiba, Foxconn and the like, while the Oriental Ka Shing customers mainly Hewlett-Packard, the two have industry comparability; with financial data, orientalKa Shing performance run the industry.　　The analyst at the brokerage also evaluates reporters.　　Hidden exchange rate risk Oriental Jia Sheng not only the performance of the growth of worry, but also hidden financial risks.　　The prospectus shows that the business volume of the Oriental Ka Shing is mainly paid through the forward foreign exchange contracts, and the degree of dependence is increasing. Its prospectus shows that 2007-2009, 2010 1-June, the company for the payment of goods through the operation of forward foreign exchange contracts for foreign exchange payment of the proceeds are 11.0672 million yuan, 42.3347 million yuan,　　66.7829 million yuan and 75.9808 million yuan, the proportion of total profit is 19.16%, 44.86%, 44.22% and 65.65% respectively. "One-year renminbi-dollar-term and forward-payment spreads, while one-year US dollar loans and renminbi deposits are spreads, and the difference between the exchange rate and the spreads is greater than the absolute value, indicating that the greater the gains that the forward foreign exchange contracts can obtain, and vice versa."　　"A professor of economics at a college in Shanghai said to reporters. "The forward foreign exchange contract is a financial derivative product, has the high risk, the company needs to control its venture income ratio, otherwise may affect the main business stable growth."　　The professor said. And due to the effect of payment by forward foreign exchange contracts, 2007-2009, 2010 1-June Oriental Jia Sheng financial cost changes like "roller coaster", respectively, 138.14 million yuan, 432.85 million yuan, 44.9 million yuan,-1.9 million yuan.