Rhine Biology: Financial risk highlights the frequent reduction of large shareholder

Recently, the CCTV Securities information channel and the "investor" Joint Group of the listed company Huanglian Award (hereinafter referred to as "the Jury"), issued the "2013 Annual Marketing company Huanglian Award" winners list. Rhine Biology (002166, strand) because of financial risk, the financial security score is the lowest in the list, with only 2 points. The jury's data showed that the Rhine biological September 2011 ~2012 September Net profit of 1.0699 million Yuan, and September 2012 ~2013 September net profit of 12.7103 million yuan, the loss has the potential to expand. Although the company turned a profit in the three quarter of 2013 years ago, it is a continuing concern. At the same time, 2013 company chairman and general manager You Wen-de and deputy general manager Sankian relatives Liangming, the company's actual control of people Kin Ben Jun and other people continue to reduce the Rhine living stock. In this respect, the Rhine Bio-Securities representative in an interview with the investor newspaper, said, "Although the company's corporate bank deposits are small, there is no possibility of payment of short-term debt, but the company did not have a default, but also fully able to pay." and executive reduction of shares is entirely a personal capital needs. "Financial risks highlighted in the Panel's research data, the Rhine Bio's latest financial safety score is only 2 points (out of 100 points), is full of risk." The jury considered that, relative to the previous level, the latest phase of the Rhine biological performance of the current period of increase in accounts payable amount of excessive growth, accounts receivable decline too fast, accounts payable rise at the same time accounts receivable decline phenomenon. Rhine Biology 2013 Quarterly bulletin shows that the company's accounts receivable is 46.0537 million yuan, down 28.18%, while the company's long-term borrowings from 320 million yuan to 495 million yuan, increased by 54.95%, special payment should be increased by 180 million yuan, an increase of 100%. The Rhine creature explained that the decrease in accounts receivable was due to the timely return of sales money. The increase in long-term borrowings is due to the increase in long-term borrowings to financial institutions in order to meet the needs of BT project construction. And the increase of special payables is due to the company relocation compensation. The jury also noted that the Rhine's bio-sales were more heavily reliant on borrowing. The probable reason is that the stock is too big, the investment of fixed assets is too big but the effect is bad; However, the Rhine creature did not respond to the above questions until the deadline. In addition, the jury pointed out that the enterprise operating expenditure longer than the operating income is very serious, there is a major financial crisis risk. At the same time, the jury held that the amount of bank deposits was small and there was a possibility that short-term debt could not be paid. On the last point, the Rhine Bio Securities representative told reporters, "Although the company's corporate bank deposits are small, there is the possibility of non-payment of short-term debt, but the company has not been a breach of contract, but also fully able to pay." "The company's third quarterly Bulletin of 2013 showed that its non-current liabilities, which expired within one year, dropped from $13.2691 million to $1.2014 million, down 90.95%." Continued surplusLicun with 2012 Rhine biological loss of 65.9654 million yuan, the company is expected to 2013 net profit of 30 million yuan ~3500 million. Rhine Biology believes that the 2013, the company's plant extraction business income structure was optimized, high margin products sales accounted for increased, comprehensive gross profit margin than the previous year, and BT project into the repurchase period, is expected to confirm the 2013 part of the project revenue. At the same time, during the reporting period, the company's transfer of Kam-Hui investment shares to obtain a larger share of the transfer proceeds, so the 2013 performance of the company compared to the previous year profit. Rhine Biology in the 2013.5 Annual report noted that the company's leading product gross profit margin has been upgraded, and the company's wholly-owned subsidiary Rhine Investment in the BT project into the repurchase period, during the reporting period to confirm some of the proceeds. As a result, the performance of the current company swung. The main business of the company mainly includes the plant extracts business and the wholly-owned subsidiary Rhine Investment's BT project. In the first half of 2013, the plant extraction business realized revenue of 95.0172 million yuan, the growth of 15.57%;BT project business income of 74.4268 million yuan, up from the previous year 230%. However, the panel's data show that the company's most recent period of net profit loss has expanded. Although the three-quarter earnings of 2013 years ago turned out to be profitable, it was a concern that continued profitability. Large shareholder reduction frequently at the same time, the company's major shareholders in the frequent reduction of stock holdings. Data show that in 2013, the company's deputy general manager Sankian's relatives Liangming and the company's actual control Kin Ben Jun respectively reduce 1.23 million shares and 13 million shares, while the company chairman and general Manager You Wen-de reduce 2.32 million shares. Data show that from 2009 onwards, the company's shareholders in the frequent reduction in the actual control of the Kin Ben Jun and the second largest shareholder You Wen-de the largest reduction. You Wen-de on June 1, 2010 ~2013 year May 8 during the reduction of 6.4691 million shares, accounting for the company's total share capital of 4.99%, the average price of 19.85 yuan, turnover of 128 million yuan. After the reduction, You Wen-de held unlimited conditions of sale of shares only 1.0852 million shares, accounting for more than 0.84%, and restricted shares have 10.2012 million shares, accounting for more than 7.88%. This means that he basically reduced the total can reduce the shares. In addition, Kin Ben Jun is also constantly reducing. In 2013 alone, Kin Ben Jun to 14 yuan of the transaction price reduction of 13 million shares, set is nearly 200 million yuan. However, the Rhine Biological 2013 quarterly disclosure, May 7, 2013, in order to supplement the company's liquidity, the company to the controlling shareholder, the actual control of the Kin Ben Jun loan of 80 million yuan, according to the company from the financial institutions to obtain the actual cost of borrowing, namely the annual rate of 9.5% calculated interest. October 8, 2013, the principal and interest of the loan have been paid off. From the above financial maneuvers, it is not difficult to see that the listed companies have become large shareholders of the ATM machine, they are in the reduction of cash, and the money lent to the listed companies to obtain interest. As of September 30, 2013, Kin Ben Jun's shareholding was19.77%, still the largest shareholder of the company.