The SFC has been concerned about the high level of accounts receivable due to the sale of information

Higher accounts receivable is the performance of the weak competitiveness of the information itself, and through factoring business can not completely resolve the risk. Our reporter Wang Xixi/wen a communication smart card industry recruits-Tian Yu information (300205.SZ), in order to increase market share to reduce the threshold of payment, resulting in the company accounts receivable ratio and recovery cycle is much higher than the same industry level, and through factoring business can only partially solve the problem of cash flow,　　But because the customer is not repaid the risk is still there, the bank is impossible to pay for the enterprise. Sales of accounts receivable high according to day information December 24, 2010 published in the China Securities Regulatory Commission Website "Prospectus", the company accounts Receivable is higher, the prospectus disclosed, 2007, 2008, 2009 and June 2010, the company accounts receivable net amount is 15,633.130,000 Yuan , 15,443.60,000 yuan, 16,396 940,000 yuan and 18,425.640,000 Yuan, the proportion of total assets is 53.44%, 47.84%, 42.4% and 40.05% respectively, the proportion of operating income is 46.28%, 46.67%, 45.63%, 71.3%. One of the first half of 2010 accounts receivable more than 2009 year, and "with the expansion of the company's business scale and new products in large-scale listing, accounts receivable in the near future may rise."　　If the receivable is not recoverable, the quality of the company's assets and the financial situation will have a greater adverse impact.　　Yinghongxiang, chief financial officer at the Asia Pacific Center at Servomex Co Ltd, told reporters on the phone that this could lead to a rise in the provision of bad debts and a drop in corporate cash flow. In this regard, the company's explanation is that the balance of accounts receivable is larger, the proportion of operating income with the company's business characteristics and industry competition situation to adapt.　　The company's main customers are still the communications industry, and the communications SIM card products accounted for a greater degree of popularity of such products, fierce competition.　　Corporate Communications Smart card products, the average price drop significantly, 2007 year-on-year decline of 20.41%, 2008 year-on-year decline of 3.03%, 2009 year-on-year decline of 21.56%, 2010 1-June than 2009 Rose 3.51%. As of June 30, 2010, the company accounts receivable at the end of 2009, the first five customers accounted for the total number of accounts receivable 43.1%, comprehensive return rate of 89.47%, of which the Wuhan Labor and Social Security Bureau payment approval process is long, currently only received a small amount of money, The amount is 1.3087 million yuan, the rate of 15.7%, in this, the information in the prospectus said, "The government and public utilities customers a high degree of credibility, capital recovery more reliable, therefore, the overall receivables risk less." "The top five customers of the company are Iran N.I.O.P.D.C (Iranian national Petroleum Product Distribution company), and in the last three years the company has assumed the software development of the Iranian national oil card system and the supply of refueling cards,Cumulative card 38.5 million; Shenzhen Eschde Co., Ltd. (002416.SZ), a nationwide mobile distribution service provider, May 28, 2010, ethiopiatel-Ethiopia Telecom (ETC), the company occupies an absolute market advantage in Ethiopia, but according to the media disclosed , etc currently has a variety of systems and networks, it is difficult to better cost-effective to eliminate network failures, rapid launch of new business or after the business delivery tracking debugging business performance, resulting in the growth of operating and investment costs; the other two major clients are the Wuhan municipal labor and Social Security Bureau, However, Hubei Mobile Communications Limited liability company rate of 100%. "Changes in the main customer needs may bring certain risks to the company's production and operation, thus affecting the company's operating income and profits."　　At the same time, Tianyu information accounts receivable turnover rate is significantly lower than the domestic counterparts in the East Letter Peace (002017.SZ), Heng Bao shares (002104.SZ), 2009 of these three data are 2.26, 5.36, 6.86 respectively. Company explanation, the main reason is: first, compared with the listed companies in the industry, the company started late in the smart card industry, the industry base is relatively weak, in order to occupy the market to increase sales, the company to China Mobile and other telecommunications operators to adopt a more relaxed credit policy, resulting in Accounts receivable account for a longer period; These new products belong to smart card emerging applications, customers pay more carefully, the company to promote new products also gave a longer period of credit; third, the company's social security card business because the Social Security departments actively respond to the national health care policy, a large number of orders, but the local social security departments in the actual card issuing process due to the slow data concentration, Financial allocations are not in place in time and other factors, the Social Security department can not pay the money in time to the company, the industry accounts receivable longer; Four, the company in the mobile communications and government industry in the implementation of the system integration project cycle longer, longer, some projects exist 10%-20% margin, And the payment of the margin part of the government to audit customers will pay the end of the project, and the government audit of the longer term.　　Companies such business accounted for a larger, the same industry than the listed companies have little or no similar business.　　Yinghongxiang told reporters that accounts receivable is larger, easily caused by the high provision of bad debts. June 30, 2010, the total amount of bad debts for 18.996 million yuan, accounting for the main business income of 7.3%.　　The prospectus shows that the loss of impairment of the company's assets is mainly due to the loss of bad debts in receivables. Factoring business Dongo Usually, if the enterprise accounts receivable accounted for a large, will affect the cash flow of enterprises, increase enterprise costs, increase business risk, many companies will use factoring business to reduce risk.　　Factoring is divided into two kinds: factoring with recourse and factoring without recourse. Shanghai Jiaotong University antai Economics and Management Institute of Accounting and Finance Department, professor, director of the company's Financial Research Center Hu Yiming in the mail reply reporters, have recourse to the factoring refers to the supplier will be the debt of accounts receivableTransfer Bank, the supplier, after receiving payment from the bank, if the buyer refuses to pay or is unable to pay, the bank has the right to recourse to the supplier to repay the money in advance. The current banks are wary of the principle that in order to reduce future losses, it is usually possible to provide customers with recourse to factoring.　　Such factoring is equivalent to a pledge loan. Factoring without recourse is, on the contrary, the bank's sole responsibility for the risk that the purchaser refuses to pay or is unable to pay. After the supplier has carried out the factoring business with the bank, it is tantamount to passing the whole risk to the bank.　　This kind of factoring is to sell accounts receivable.　　"Recourse is equivalent to borrowing money, and to return it," Yinghongxiang said, "No recourse to show the company book Clean", the key is the facts.　　Reporter to the company dong Secret Jiangxi sent a letter of inquiry, but he did not reply, just through the middleman, said adhere to the view: Factoring business has two accounting treatment methods, one is to enter short-term loans; The prospectus shows that December 23, 2009, the company and the Shenzhen Development Bank Wuhan Branch reached the no recourse factoring contract, the period is December 31, 2009 to December 27, 2010; The factoring rate is 1% of the actual assigned accounts receivable.　　The amount is $50 million, and the total amount of factoring back is $42.1848 million.　　At the same time, October 13, 2009 and China Minsheng Bank Wuhan Branch signed a factoring service contract, the most recent approved factoring limit of 30 million yuan, the effective period of September 21, 2009 to September 20, 2010. The prospectus is two with the Shenzhen Development Bank of Wuhan branch of the factoring contract, the amount is 24.4815 million yuan and 9.5328 million yuan respectively. "The factoring rate is 0.8% of the actual assigned accounts receivable."　　"The prospectus shows that China Merchants Bank has 70 million credit lines, and the prospectus shows that China Merchants Bank has 150 million yuan credit limit."　　Prospectus Disclosure, 2009 has been handled without recourse to the accounts receivable factoring business, the total amount of factoring back to 4,218 480,000 yuan, at the same time terminate the confirmation (10 dozen communications Company) accounts receivable book value of 42.1848 million yuan.　　Enclosure: The SFC has been concerned about the information of the Li Xin/text for lawyers to the Securities and Futures Commission to report days of information suspected of fraud, this newspaper to the SFC petition office to understand that the letter is still in the process of processing, formal treatment of opinions have not been issued.　　According to the relevant provisions of the SFC petition, from the admissibility to issue processing advice, the maximum time limit can be up to 90 working days.　　Prior to that, the informant received the reply, the SFC confirmed the receipt of the letter. February 16, 2011, Shanghai Li Guo law firm in writing to the Securities and Futures Commission to report the existence of information on the problem: the 2009 year factoring in 42.1848 million yuan account receivable caused by the problem and the 2009 cost, cost issues.　　and request the SFC to verify the relevant issues and deal with. 2011March 7, the SFC wrote a written reply to Shanghai Li Guo law Firm: to reflect the information on the relevant issues of the letter received. Tianyu information is now in the audit enterprise. To reflect the issue will be concerned, and in accordance with the relevant procedural provisions.　　Signed as "China Securities Regulatory Commission People's letter visit special chapter."　　The relevant personnel of the SFC petition office said that, according to the State Council petition regulations, the letter of petition, letters, e-mail, fax and other written form, and the petition, the complainant should also contain the name (name), address and request, facts, reasons.　　For the relevant authorities to use oral form of the complaint request, need to record the name of the complainant (name), address and request, facts, reasons. The relevant personnel said that after receiving letters of petition, if the real name of the complaint (or report), will be transferred to the relevant departments to verify and deal with, the final processing results will be given to the complainant reply. In accordance with the above regulations, the final processing result time depends on the specific problem situation, the maximum time limit is 90 working days.