Hu Zhenming of red print finance and economics
Data analysis shows, cost of production of China apex aluminous industry uses raw material the outcome that relevant analysis result and data of financial forms for reporting statistics measure numerate not conform to, its correlation trades not only multifarious and still have non-standard action, point to spearhead directly strong fact charges a person.
The problem of China apex aluminous course of study all the time a lot of, besides " red weekly " the print before this sends " Hua Feng aluminous line of business is multinomial and financial index is undesirable inventory of produce and sale is unusual point to income experience holiday " besides the problem that speaks of in one article, exceed sales revenue the risk that the 3 export business that become above also face trade controversial issue. In addition, company production cost uses the result that result and data of financial forms for reporting statistics analyse to measure numerate related raw material not conform to, those who let a person suspect its purchase data is not accurate, and the frequent correlation inside report period trades in exists non-standard behavior, also pointed out solid right to vote charging a person too centralized risk.
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Export business risk accuses hard
Book of raise capital by floating shares is announced, resolution of plenary meeting of shareholder of China apex aluminous trade added company limited of partner Japan light metal newly in November 2012, its identify capture contributive two hundred million six hundred thousand six hundred yuan, become the 2nd large stockholder, company name also immediately change is " Inc. of course of study of light aluminium of Hua Feng day " , company property change becomes foreign capital company, after till April 2017 equity is made over again, its company property is changed again time inside endowment enterprise. From the point of setting of this bit of history, aluminous estate one's early years has put Hua Feng in main foreign trade concern and relevant business.
Inside report period (came 2015 2018 1~6 month) , the sales revenue outside the condition of China apex aluminous course of study occupies score to be not achieved 31.65% , 33.08% , 35.67% with 34.26% , show the trend that year after year raises. And in be being sold outside the border that grows continuously in this, american market is very crucial, its sale occupied score to be not achieved 5.31% , 6.09% , 7.95% with 4.65% . Occupy from foreign trade business only than looking, its are aluminous to Hua Feng the battalion of course of study closes and profit impact is very apparent, once take sales revenue,the 3 export business that become above appear major obstacle, criterion the outstanding achievement of China apex aluminous course of study is sure to get great and negative blow.
Place of book of raise capital by floating shares of no less than is narrated, to foreign trade enterprise, most the wind and cloud that those who make a person anxious is international trade situation not is measured. On Feburary 28, 2018, american Department of Commerce releases products of pair of Chinese aluminum foil to turn over dumping and the final ruling that turn over allowance investigation, business of production of Chinese aluminum foil and exporter export the aluminum foil product that reachs the United States to turn over dumping tax rate to be 48.64%~106.09% , turn over allowance tax rate to be 17.14%~80.97% . Additional, american Department of Commerce imports the aluminium alloy thin plate from China at announcing to be aimed at on November 28, 2017 (ply comes in 0.2mm between 6.3mm) begin instead dumping and turn over allowance duty double readjustments to check. Mixed on April 17, 2018 on June 18, 2018, american Department of Commerce announces to combat subsidy to importing the aluminium alloy thin plate from China to be made respectively, cut into parts at the beginning of the dumping instead, business of production of Chinese aluminum foil and exporter export the aluminium alloy thin plate that reachs the United States to turn over allowance tax rate to be 31.10%~113.30% , pay cycle is 90 days, turn over dumping profit margin for 167.16% .
Allude according to place of book of raise capital by floating shares afore-mentioned turning over dumping duty and the circumstance that oppose allowance tax, on aluminum foil product, sino-US both sides has fundamental rich Yi have a trial of strength, allowance is turned over to return dumping tax rate related very tall also. Be in external on business, this still is the negative effect that the exit to the United States gets merely, if international trade protectionism continues to look up, other each country also is adopted in follow-up raise tariff, instead dumping, oppose the policy measure such as allowance, criterion the sales revenue outside the place that aluminium course of study takes Hua Feng to be become than exceeding 3 and relevant product will get necessarily very apparent blow.
Add duty to bring apparently negative effect to Hua Feng aluminous course of study besides international trade conflict besides, of exchange rate fluctuant also can bring certain exchange profit and loss to the company, only exchange loss amounted to China apex aluminous course of study 2017 eleven million nine hundred and fifty-eight thousand three hundred yuan, take current and financial charge ninety-four million two hundred and seventy thousand three hundred yuan 12.69% (see a table 1) . Of course, and exchange damage is contrary 2017 is its were mixed 2015 there was certain exchange profit 2016, achieve eleven million four hundred and forty-five thousand seven hundred yuan to mix ten million nine hundred and fifty-three thousand three hundred yuan respectively, be equivalent to charge of finance affairs of the corresponding period - 28.22% and - 20.19% . In light of whole, exchange profit and loss of these 3 years is bigger to the influence of financial cost, and financial cost is equivalent to business profit inside report period 40% the left and right sides, the change that shows exchange profit and loss from this is aluminous to Hua Feng the outstanding achievement consequence of course of study nots allow to ignore, once strong dollar goes weak afresh, do not eliminate exchange loss to be able to have rise apparently.
Do not have in international trade conflict alleviate apparently, and oneself export business occupies bigger case to fall, if Hua Feng is aluminous,the sales revenue outside trade situation occupies more current than pressing trend to continue to expand, even if continue to maintain existing export dimensions level, fluctuation of its future outstanding achievement also is very apparent, apparent this is aluminium of need China peak course of study is taken out reasonable go dissolving.
Wool interest rate and cost are very doubtful
In light of the data that discloses from book of raise capital by floating shares, apparently China apex aluminous course of study is in the level of wool interest rate inside report period is great panel height can compare at course of study of person of the same trade appear on the market the average of the company (if express 2) , but if this company is in anatomize inside report period purchase circumstance and raw material bad news to use a case, can discover both between do not match, such result can affect the authenticity of operating costs apparently, the wool interest rate that yields a person to suspect its to all be worth high at course of study of person of the same trade considerably then is real.
Book of raise capital by floating shares is announced, 1~6 month raw material cost used China apex aluminous course of study 2018 subtotal one billion three hundred and twenty-three million five hundred and forty-one thousand five hundred yuan (show 2 times like the watch) , meanwhile, material of the raw material in goods in stock, have enough to meet need and entrust treatment goods and materials is aggregate one hundred and forty-three million one hundred and eighty-seven thousand seven hundred yuan, than period two hundred million and ninety-nine thousand three hundred yuan decreased first. General situation, of inventory raw material decreasing is to produce bad news to use be caused by, from this knowable and current total cost uses the raw material that purchase to also fail to satisfy manufacturing place to need, roll out raw material to purchase amount to have one billion one hundred and twenty-three million four hundred and forty-two thousand two hundred yuan at least accordingly (this amount estimates carefully to slant, if take no account of have enough to meet need,material is mixed entrust treatment amount of criterion of goods and materials is larger) ,
So, how much is the raw material of China apex aluminous course of study purchased total first half of the year 2018? To this data, the although do not have exposure,purchases total pertinent information in book of raise capital by floating shares, but " red weekly " after reporter basis finance affairs ticks off check principle to sign up for relevant data to undertake an analysis to money of book of raise capital by floating shares, still push cipher out current purchase amount circumstance.
Cash flow meter shows, china apex aluminous course of study 2018 1~6 month " buy the commodity, cash reserve in a bank that accepts a service to pay " it is nine hundred and sixty-one million six hundred and fifty-eight thousand nine hundred yuan, meanwhile, imprest money reduced fifty-one million one hundred and thirty-five thousand nine hundred yuan, because advance money reduces the specified number,be commonly this period think to purchase truly but the cash flow that already poured out of ahead of schedule, if consider flow of this share cash to come in, current used at the relevant cash flow that purchase to pour out of one billion and twelve million seven hundred and ninety-four thousand eight hundred yuan.
Tick off check principle according to finance affairs, in purchasing an activity besides cash flow, the form that handles the management sex such as Zhang money possibly still to be in debt through assuming obtains wants raw material, deal with bill currently to reach namely deal with Zhang money to have corresponding addition necessarily. In light of the data that discloses from the balance sheet, end China peak is aluminous in June 2018 of course of study deal with bill to reach deal with Zhang money come three hundred and thirty-one million nine hundred and forty-four thousand seven hundred yuan, compare period amount increased fifty-four million seven hundred and seventy-seven thousand nine hundred yuan first.
Flow of cash of integrated business accounting mixes fifty-four million seven hundred and seventy-seven thousand nine hundred yuan when deal with a Xiang Xinzeng one billion and twelve million seven hundred and ninety-four thousand eight hundred yuan, but reasonable and computative piece Hua Feng is aluminous first half of the year 2018 of course of study do not contain duty to purchase amount to should achieve one billion and sixty-seven million five hundred and seventy-two thousand seven hundred yuan. This amount follows afore-mentioned use those who reach stock change circumstance to be pushed to purchase total by raw material bad news one billion one hundred and twenty-three million four hundred and forty-two thousand two hundred yuan not conform to, both between differred fifty-five million eight hundred and sixty-nine thousand five hundred yuan. Such result is the accuracy that reason lets a person suspect its produce cost,
Of course, china apex aluminous industry is put possibly still in bill to endorse the case that is used at paying to purchase a fund, but, book of raise capital by floating shares gives out only simply " already endorsed or discount and the receivable bill that has not expire in balance sheet day " it is four hundred and twenty million one hundred and twenty thousand four hundred yuan, below the case that is used at the explanation without more information, only amount contrast is put in very big difference again.
Besides purchased data to have first half of the year 2018 unusual outside, 2017 purchase data to also have unusual. Use subtotal one this year besides raw material bad news two billion two hundred and eighty-three million and four thousand two hundred yuan besides, material of the raw material of inventory, have enough to meet need and entrust treatment goods and materials is aggregate new increased two hundred and twenty-one million and ten thousand yuan, push from this in those days purchase amount to should have two billion five hundred and four million and forteen thousand two hundred yuan.
However, company 2017 two billion and fifty million one hundred and ninety thousand one hundred yuan " buy the commodity, cash reserve in a bank that accepts a service to pay " after developing forty-one million six hundred and thirty thousand eight hundred yuan when touch imprest money to increase, purchased relevant cash flow to pour out of two billion and eight million five hundred and fifty-nine thousand three hundred yuan, plus deal with bill to reach one hundred and seventeen million five hundred and thirty-five thousand two hundred yuan when deal with Zhang money to increase, can push know not to contain duty to purchased amount to should achieve two billion one hundred and twenty-six million and ninety-four thousand five hundred yuan. Apparent this one amount follows afore-mentioned use two billion five hundred and four million and forteen thousand two hundred yuan when push numerate by raw material bad news not conform to,
Same method is analysed further raw material bad news used what push numerate severally with data of financial forms for reporting statistics to purchase total 2016, both also differred two hundred and forteen million one hundred and ninety-six thousand three hundred yuan.
To the report period inside, the company appears continuously purchase the situation with unusual data, and there is other and reasonable explanation information again in book of raise capital by floating shares, at least from what can explain raw material bad news is used or data is to have a problem related financial forms for reporting statistics on one hand. Of course, because of,this is He Yuan after all, the explanation that needs China peak aluminous job.
Correlation trades contain non-standard behavior
Book of raise capital by floating shares shows, the 89.54% right to vote of Hua Feng aluminous course of study are controlled by You Xiaoping, if can succeed IPO, you Xiaoping still with scale of right to vote the 67.16% effective control people that regard Hua Feng as aluminous course of study. Look from scale of right to vote only, you Xiaoping can realize aluminous to Hua Feng course of study through this right to vote the strong control of each respect, existence controls the venture that authority centers.
Actually, already much place reflects the presence that controls authority venture in book of raise capital by floating shares. For example, china apex aluminous course of study is in correlation of report period introversion just tears open capital to have 924.5 million yuan respectively, nine hundred and one million three hundred and sixty-four thousand yuan, one billion and eighty-four million two hundred and four thousand yuan mix 150 million yuan. To this, book of raise capital by floating shares returns exposure, "Accuse a group of partner China peak to be in report period offerred more financing short-term loan to support to our company, interest rate of loan of the corresponding period of bank of prep above of interest rate of short-term loan of this share capital, cause financial cost taller " .
In addition notable still is, came to appeared 2017 2015 correlation just is Hua Feng aluminous course of study to turn borrowed circumstance, turn borrow amount to be 590 million yuan respectively, 514 million yuan mix 60 million yuan. And the China apex aluminous course of study that still produced amount to be 154 million yuan 2016 is correlation to just turn borrowed item.
Additional, up to on June 30, 2018, group of associated Fang Huafeng, You Xiaoping is Hua Feng aluminous course of study to assure total amount is two billion seven hundred and sixty-eight million six hundred thousand yuan. Short-term loan of afore-mentioned associated square financing and turn borrowing is the one part that correlation of Hua Feng aluminous course of study trades merely, but fund of involved a huge sum was reflected everywhere however solid the decision-making conduct that charges a person.
Interesting is, the book announced raise capital by floating shares to accuse a partner to violate the non-standard act that the institution charges inside some companies already and has is not management sexual capital come-and-go with China apex aluminous course of study. Particular way is Hua Feng aluminous course of study is passed to accuse a group of partner China peak to use bill accept in order to get capital or endorse to purchase a fund in order to pay again. Inside report period, china apex aluminous course of study received money order of accept of China peak group 2016 thirty-four million two hundred and sixty-four thousand yuan, 2016, remanded with bank deposit 2017; Money order of accept of China peak group was received 2017 one hundred and eighty-six million nine hundred and four thousand yuan, remand at using bank deposit 2017.
Those who make a person surprised is, "Classification according to corresponding attributive via relevant responsibility person after examining and approve " actually can exceed company charges an institution inside some already! Be in solid below the control of strong right to vote that charges a person, such violating whether can compasses behavior still happen later? This can let time give out only the answer.
(the article already print hair published on March 23, 2019 " red weekly " )
