Sen-Ma Costumes to join the dealer dependency syndrome

Hu Junhua yesterday, the SFC audit Zhejiang Sen MA Apparel Co., Ltd. (hereinafter referred to as "Sen Ma Costumes") IPO application day, there are media reported that the company suspected tax evasion 3 billion yuan, more than 10 tax authorities nationwide investigation. In this respect, Sen Ma costumes Dong denied.　　But the problem does not seem entirely unfounded.　　Sen ma Apparel Dong Zheng Hongwei to the "First financial daily" reporter said that the initial application has been approved by the SFC, in addition to media reports on the alleged tax evasion 3 billion of the facts do not exist, and said this rumor does not conform to common sense.　　Yesterday, media reports, a claiming that Sen ma Clothing has been left employees to include the State administration of taxation, including the national tax authorities to report Sen Horse costumes in 2003 ~2009 years tax evasion of about 3 billion yuan, more than 10 tax authorities to report the investigation, some tax authorities said the report is true.　　Zheng Hongwei said: "Obviously does not conform to common sense", if the rumor that tax evasion 3 billion yuan is true, means that the sales income of SEN horse clothing must reach 100 billion yuan. The IPO Prospectus (report) shows that Sen Ma Apparel was established in 2002, 2007, 2008, 2009 three years of operating income is 1.82 billion yuan, 3.32 billion yuan, 4.25 billion yuan, from data projections, 2002-2009 years,　　The total income of Sen ma clothing is no doubt up to 100 billion yuan. A person familiar with the matter said that in 2010, it was true that Sen-Ma costumes were reported to have been suspected of evading taxes, and therefore helped the tax authorities investigate. The reason is to assist the investigation, is because of the alleged evasion is Sen horse costumes part of the agents, is not sen horse costumes, Sen ma costumes in Wenzhou is the local taxpayer.　　The alleged amount was heard quite large, but the specifics were not clear.　　The business structure of Sen-Ma apparel is a typical light asset model in the apparel industry, without their own production plants, clothing production by other factories, the majority of sales channels, relying on the franchisee, which is known as the above-mentioned agents, the number of direct retail outlets has been small, in recent years only gradually increased. The prospectus also shows that as of June 30, 2010, Sen Horse Apparel Leisure apparel brand in all parts of the country's sales outlets for 3,556, including 3,433 stores, direct shop 123, another children's clothing brand Balla in the country's sales outlets reached 2,253, which joined the shop 2,136 , the direct shop 117.　　In addition to Beijing, Shanghai and other front-line cities, in the domestic two or three-line city, is also the most important horse clothing market, sales channels are mainly in the hands of distributors. According to the data published by Sen-Ma Costumes, 2010 1 ~ June, 2009, 2008, 2007, the sales of franchise channels to achieve 1,925,342,900 yuan, 3,816,413,900 yuan, 3,113,449,500 yuan, 1,728,923,300 yuan, Jansen Clothing Sales Total proportion is 90.26%, 91.97%, 94.86%, 95.4%.　　It is reported that these franchise dealers, wealth, the deployment of the power are in their hands, Sen horse costumes do not have the right to intervene, Sen Ma costumes to join the impact of the dealers mainly in the store's façade layout, goods display and so on.　　Zheng Hongwei said, it is not clear who reported the horse clothing tax evasion, but Sen horse Apparel application has passed the SFC's audit, that the Department of the relevant departments of the situation after the investigation of Sen Horse is approved. The above-mentioned media reports also said that for the "tax evasion door" incident, Sen Ma Apparel Chairman Chiguang said that its known sentiment, and that the incident is Sen Horse Apparel competitors in the game, the real situation is not so.