Xia Cao questioned Battelon manipulating performance of its minerals unidentified or concealing associated transactions

Just completed the online purchase of Qitaihe Battelon Coal Chemical Co., Ltd. (hereinafter referred to as Battelon) by the well-known financial experts Charlot questioned, Charlot said in the coking enterprises in the case of large losses, Battelon 2009 still achieved 8.26% of the sales net interest rate, which is afraid of concealing related transactions manipulate performance behavior. Battelon main Coke business, coke production raw materials for coal. According to Battelon Prospectus revealed that the company's own coal mine Battelon, Mitsui, five wells, the current capacity of 180,000 tons/year, the actual production of 48,000 tons in 2009.　　2009 Battelon Coke Business coal consumption 1.88 million tons, self-sufficiency ratio of 1.49%. "If Battelon 98.51% of the raw coal is outsourced, then the company's 2009 annual profit of 123 million yuan is very suspicious."　　"Charlot, a leading financial expert, said he suspected that Battelon had concealed related transactions and had an interest in the upstream supply of coal raw materials." Such doubts are not groundless. According to the "Qitaihe daily" November 24, 2009 reported that "the City Safety Supervision Bureau from the specialized force composed of four supervision group, the Heilongjiang Battelon Coal Chemical Group Co., Ltd. and in the region of our city 17 coal mine carried out a comprehensive supervision." And in the prospectus, Battelon released only 3 of its own mines.　　In the Qitaihe safety production supervision and management according to the website, so far can see this report. "If it's not Battelon's coal mine, it can't be in its name," Charlot said in an interview with the entrepreneur, "to figure out how many mines Battelon have."　　In Charlot's view, it is impossible to achieve such good results without the transfer of benefits from raw materials.　　A group of data worthy of reference is that in the second half of 2008, coke prices fell sharply, the general loss of the entire industry, the relevant listed companies-Shanxi coking (600740), Black shares of the 2009 Coke business margin are 5.71%, and Battelon 5.66% of the coke gross profit margin in sharp contrast. The Battelon prospectus also admits that "2009 coking industry continued to slump, during which the price of coke and clean coal upside down, coking enterprise large area loss, many coking enterprises to limited production value, low capacity utilization, and the company in order to carry out the contract and maintain the circulation of the industrial chain of operation, in small profit or even loss of the case still produce , maintaining a high capacity utilization rate, but also the main reason for the large margin decline.　　"The same period of data showed that Battelon 2009 capacity utilization ratio of 93.32%, Shanxi coking, Aetna Group, Black shares, such as capacity utilization rate from 50% to 80%." At the same time, Battelon has been actively engaged in the acquisition of mines, including equity Dongyuan coal distribution company mergers and acquisitions of the mine, the acquisition of Integrated Heng Yun coal mine and Xin an coal mine, the acquisition of integrated Qitaihe Shi Grand nine well, the acquisition of integrated Qitaihe Shi Dragon West coal mine.　　Incomplete statistics show that the relevant mine capacity of 850,000 tons per year. Click to enter [Battelon Bar] Discussion