Wai Hai shares: Financial costs and credit to the violation was approved

September 18, Zhejiang Province Wai Hai Construction Group Co., Ltd. (referred to as: Wai Hai shares (market, inquiry)) issued a notice, the company's non-public offering application materials by the SFC administrative license to accept. According to the July 29 of the company's Non-public offering plan, the company intends to target non-public offerings of not more than 63 million shares to raise funds not more than 600 million yuan, for the Zhoushan six horizontal small Guo giant two-stage reclamation project-Guoju Dike project and Fenghua Xiangshan Port Shelter Anchorage construction Project and supporting Engineering (BT) project, The total investment of the two projects is 1,228,832,000 yuan. The main business of the Wai Hai shares is the construction and technical service of seawall, river, reservoir and City flood control project, the company was listed in Shenzhen stock market in June 2011, and the first 513 million yuan was raised. In November 2012, the company issued a notice to issue no more than 300 million claims, which was completed in May this year. Only two months later, the company issued a private release plan, the proposed refinancing 600 million yuan.　　Listed in a short period of two years, the surrounding sea shares including the initial plan to raise funds up to 1.4 billion yuan, and through the company's financial report is not difficult to see the urgency of the Fund needs. Accounts receivable high financial costs in the 2013.5 annual report shows that Company to achieve operating income of 527.2641 million yuan, attributable to the net profit of 18.6725 million yuan, but the receivable accounts total up to 1.4 billion yuan, compared with the end of last year, the high growth compared to the beginning of last year, respectively, accounts receivable 628.7776 million, other receivables 111.5667 million Yuan, Long-term receivables 652.2766 million yuan. and accounts receivable in more than 1 years accounted for more and more high, has more than 50%, for gross profit margin only in the 13%~14% between the company, such a high receivables, its financial situation is becoming more and more tense obvious. At the same time, the company's asset-liability ratio has gradually increased, the first half of this year has risen from 51% to 58%, and the company with the increase in liabilities, financial costs from the same period last year 8.77 million surge to 17.31 million, an increase of nearly 100%, will continue to erode the company's operating profits. Since the first half of this year, the shares of the surrounding sea has been issuing major projects won the good news, but this for the company's capital needs will bring greater pressure, the Half-year report this year, the company's operating activities of the net cash flow from the previous period-108.5151 million yuan to 198.0337 million yuan. Analysts believe that the sea shares to maintain the continuous growth of business, the company needs to advance funds will be more and more high, only through the issuance of debt, the increase and other means of financing can not fundamentally change the shares of the surrounding sea of high accounts receivable caused by the deterioration of the financial situation. Violation of information disclosure was granted at the same time, the state-owned enterprises in the restructuring of the shares in the company's internal control also has obvious problems, as a listed company to investors reporting business performance of the periodic report of the legal documents, there are inconsistent presentation, data chaos phenomenon. The Board report of the company in 2012 reported on research and development expenditureThe statement is the amount of research and development input of 9.6973 million yuan, increased by 40% over the same period last year, but the statement of the annual balance sheet to the company development project expenditure is 4.119 million yuan, accounting for the total expenditure of the current research and development project is 100%, and all into the current profit and loss, And in the current management cost of the technical development fee of 4.3446 million yuan. The fact that there are three different data on research and development spending in the same annual report is really confusing the true accuracy of the company's annual report data. The company responded by saying that the statistical caliber of research and development expenditure was different and that the data were correct. It is inconceivable that the 2012 report on the company's shareholders in the shares of the shares in the ownership of the change in the number of equity allocation of the changes carried out a statistical explanation, May this year, the company implemented an equity allocation, but this year in the semi-annual report of shareholders in the stock of the final stock is the distribution of And the change in the reporting period is a blank column. Public data show that, since June 2012, some senior executives held the lifting period of shares, the company, including directors, supervisors, deputy general Manager, Dong-mi and other senior executives have to reduce their holdings, affecting the confidence of the vast number of investors. The 2012 report showed that the Xu Lijun of the directors and deputy general managers of the company in the first 10 major shareholders ' shares were reduced by 420400 during the reporting period and 703500 shares in the subsequent reporting period of changes in the shareholding of directors, supervisors and senior managers. The statistics on its shareholding movements are also full of doubts, the beginning of the 1500000 shares, the current period to increase the number of 2831000 shares, reduce 703500 shares, the end of the number of shares 2137500 shares, such statistical data is clearly wrong, and why the same annual report is inconsistent? January 2013, the sea shares after the board of directors, the general election of the Board of Supervisors, Xu Lijun no longer as a company director, Deputy Manager, Gairen company Board of Supervisors Chairman. According to SSE information disclosure on directors, supervisors, senior management and related personnel of listed companies holding changes in shares of the company, Xu Lijun reduced its 534375 shares in January this year, accounting for 2137500 shares of the total number of its holding shares not many 25% But this year's semi-annual report showed that the Xu Lijun during the reporting period was reduced to 534376 shares, the company law stipulates that "directors, supervisors and senior managers of a corporation shall declare to the company the shares of the company held and the changes thereof, and the shares transferred annually during the term of office shall not exceed 25% of the total number of shares held by the company." According to the company's semiannual report this year, Xu Lijun reduction of shares of 534376 shares, although more than 25% of the total number of 1 shares, but it is clearly beyond the 25% ceiling, violating the "Company law", and the semi-annual report of the reduction of data and information to the exchange of the report is not different? How much did the executive reduce? To this company gives the explanation is the executive reduction strictly according to the disclosure stipulation, and the reduction quantity is accurate, does not exist to reduce 1 shares the situation, the system rounding. Is it difficult to understand such an explanation? The net willThis to the Shenzhen, Shenzhen, after the investigation has given a reply, that the company's semi-annual disclosure of information is not true, there are 1 shares of this situation is the sea shares in May this year dividend allotment for adjustment and the company arbitrarily will Xu Lijun reduction of shares 534375 shares to 534376 shares, not system rounding, There is no rounding in the dividend allotment. The company has not asked for clarification but has given verbal criticism because of the difference of 1 shares and a smaller number. This shows that the interpretation of the shares of the surrounding sea is very unprofessional, and the annual report on the number of shareholders in the statistical error is also indisputable fact that the company's management needs to be improved. We will wait and see if the shares of the company can effectively solve the problem of high accounts receivable through Non-public offering financing, and get out of the dilemma of the increasingly tense financial situation.