Pine Chemical Industry: The process of Coviron ambiguous 7.5 million swallow state-funded

Coviron 7.5 million Swallow Niedergo capital, production security questioned IPO laboratory researcher Vera/Wen with Fujian Pine Co., Ltd. (hereinafter called Pine Chemical) on the meeting, its actual control Coviron also gradually surfaced.　　He controlled the pine chemical September 3 before the meeting but was exposed to problems, not only the company's history of many violations, Coviron I also keep a stain. Pine Chemical production is based on turpentine as the main raw materials, the production of synthetic camphor, synthetic camphor intermediate products and by-products, borneol and other fine chemical products.　　Coviron holds a 56.85% per cent stake, plus a 20.6% stake in the younger brother, who controls a 77.45% stake in the pine chemical industry. Development history is a pen Shing today's pine Chemical industry is the Ke brothers. But its history, said it is the state-owned enterprises become more appropriate. As the green Pine chemical before the publicity material on the display, it was founded in 1958.　　This is actually the Jianyang chemical plant set up time, and the pine chemical industry at first really like the son of chemical plant general, but soon was "father" to the others. Founded in January 2010, Pine Chemical registered capital of 2.1 million yuan, of which, Coviron trade in the inventory and money capital of 1.1 million yuan, chemical plant to machinery and equipment investment 1 million yuan. Chemical plant for state-owned enterprises, shareholders for the Jianyang state-owned Assets Investment operations Center.　　and the Dragon Hing Trade investment in the inventory is set up the day before the establishment of pine chemical plant from the chemical factory purchase income.　　However, the two have not carried out assets assessment in kind, not in accordance with the "Company Law" (1999 Amendment) 24th "in-kind contributions must be assessed and priced" provisions, also does not conform to the relevant provisions of state-owned assets management. In the December 2001, the equipment invested by chemical plant was sold to Coviron as part of the overall production and operating assets. There is also an interesting episode. In the September 2001, the chemical plant in the sale of production and operating assets, the media published a sale notice. When the first public auction was sold, the minimum price was 6.8 million yuan, but no one was available. As a result, it was in October, the second auction, the minimum price of 6.4 million yuan, this time, only its partner Coviron appeared.　　So, Coviron natural low price took over the chemical plant, and the total price only 7.5 million yuan. Not only below the evaluation value of 11.5948 million of the transaction price so that the asset transfer procedures exist a certain flaw, after the transfer is completed, the pine Chemical industry still exists for some time the investment is not in place.　　Chemical plant will not only sell their own cheap to Coviron, but also the green Pine Chemical Stakes together. May 2002, Coviron Cash to supplement the former chemical plant capital. He also made the 6.4 million yuan low price of the assets of the evaluation of 13.004 million yuan into the pine chemical industry.　　At this time, the registered capital of the pine chemical industry increased to 16 million yuan. Even after the replenishment, but the general chemical plant at the time of the behavior or violation of the company law 34th "shareholders after registration,shall not draw back the provisions of the contribution. Pine Chemical Industry In this regard, it is also believed that when the general chemical plant sells the whole production and operating assets, it fulfills the process of the state-owned assets evaluation, which is the remedy for the failure to evaluate the in-kind contributions in the establishment. and long hing trade funding, the sponsor agencies also admitted that because of no assessment, it is difficult to determine whether the full. However, the sponsor has not proposed the relevant measures, this is also an understatement.　　Because, Jianyang Trade and Industry Bureau 2009, will not be on the green pine chemical flaw behavior punishment. In May 2003, Coviron transferred 3 million yuan to Nanping state investment. In January 2004, Nanping state Investment signed an agreement with other shareholders, which said that in 2004, Nanping state investment did not participate in the daily management of the pine Chemical industry, only a fixed after-tax profit, the annual after-tax profits according to the Nanping state investment amount of 15% calculation. This does not conform to the original "Company law" 33rd "shareholders in accordance with the proportion of capital dividend" provisions.　　However, Pine Chemical Industry believes that the new "Company Law", which took effect from January 1, 2006, has been amended to allow the shareholders to agree on the way of dividends, so this agreement is effective.　　Pine Chemical very clever play a ball, but the agreement was signed and implemented in 2004, in any case, the pine chemical in making this decision and put into action, all ignored the legal provisions of the time. In 2004, Nanping state investment was transferred to Coviron and others by the original amount of capital contribution.　　The transfer process is not in accordance with the relevant provisions of state-owned assets management of assets evaluation and filing, public listing of transactions in the equity exchange procedures, the transfer of the existence of defects, and this behavior is to find Nanping state-owned Assets Management Committee confirmed.　　In summary, the history of the Ching Chung Chemical industry is a Shing, repeatedly violating the provisions of the company law does not say, but also frequently with the state-owned enterprises and the advantage of the benefit. How to pass the safe production day, pine chemical actual control person Coviron was exposed to bribery. Financial Weekly reporter in the Chinese Court online found in 2007 on the Jianyang Fire Brigade long Wei Xuwen bribery case.　　Coviron once to the fire brigade long bribe 10,000 yuan, in order to let Pine chemical new plant construction smoothly through audit. Bribery will not be filed for investigation, but the Coviron of this behavior has to let people on the pine chemical production of safety questions. If the new green Pine chemical plant is strictly in accordance with the fire regulations, why should we go through bribery this shameful means?　　This can only be explained that the construction of pine chemical plant did not meet the requirements of production safety, fire is not up to standard. Turpentine is flammable and explosive, its vapor and air can form explosive mixture, in case of open flame, high heat energy causes combustion explosion, ignition point is only 53 degrees Celsius.　　According to the financial weekly incomplete statistics, since 2008, the news media reported the explosion and fire caused by turpentine has 5. Coviron with 10,000 dollars to solve the problem of production safety, such as the actual control of the enterprise if listed,How to guarantee the safety of production? With the gem is not reliable gem of the technology content of higher requirements, pine chemical is difficult to climb the relationship with High-tech, on the gem is not appropriate. One is the only one of its current patent or a surprise purchase before the IPO, since April 2009, Xiamen University in exclusive license to license the use of its patent pine, the period of 5 years, the green Pine chemical only the use of the patent, no ownership; second, its gross margin is low, from 2007 to the first half of 2010,　　The comprehensive gross profit margin of the pine Chemical industry is 20.23%, 20.58%, 19.51% and 22.11% respectively. In addition, the export tax rebate on the pine Chemical industry has a greater impact. 2009, the Green Pine Chemical export tax rebate amounted to 6.9457 million yuan, accounting for the current total profit of 22.34%. This is thanks to the country at the end of 2008 to increase the export tax rebate rate of some products such as synthetic camphor to 9%. July 1, 2007, the country cut the export tax rebate rate of these products, from 13% to 5%, so 2007-2008, the export tax rebate on the green Pine chemical contribution to the profit is not high. This shows that 20% of the profit wavering, at any time there will be 20% of the risk of loss of profits.