to mention the lucky ones also exists the phenomenon of large customers rely on to IKEA sales accounted for up to three years from 2009 to 2011, 39.92%, 35.63%, 33.93%, far higher ranked second in customers over the same period 3.47%, 3.18% and 3.72% of sales accounted for. Dependence for a single customer, naturally constitute the main risk of the hillman future business.
compared to the preceding issue, the paper is more concerned about the many financial hillman doubt, which even some involving the defrauding of high qualification, tax evasion and corporate income tax payments, as well as stocks and commodities fraud and other serious acts, very worthy of regulatory authorities and market focus.
a controlling shareholder of the strange data
hillman largest shareholder of the Hua Yi investment hillman a 47.62% stake held prior to listing. According to the prospectus issue of human promoters, major shareholders and actual controller 59.4621 million yuan, the 2011 is not achieved operating income and net profit of 14.999 million yuan. Prospectus the company?s only source of profit is to hold the hillman equity corresponding investment income, while the company?s 2011 operating income also secondary evidence.
view of China Yi holds a hillman 47.62% equity interest does not exceed 50 percent, according to the relevant requirements of the Accounting Standards should the holds Xilinmen long-term investment in accordance with the equity method accounting and accrued investment income, which secondary evidence is also available from the relevant data. The last three years, according to the prospectus. only achieve 15.0003 million yuan (31.5 million yuan * 47.62%) investment income, compared to the disclosure of Hua Yi investment net profit amount was only 14.999 million yuan more than 01,300 yuan. Appears to be fairly normal, but in reality it is not.
hillman was named high-tech enterprises enjoy the preferential tax rate of 15% of the corporate income tax, but the controlling shareholder of Hua Yi to invest in so-called professional equity firms apparently do not take the the normal corporate income tax rate of 25%, according to the relevant provisions of the corporate income tax collection and management methods, easy investment required for the bonus section from the hillman to pay the 10 percent corporate income tax. This amount is clearly can not be covered in 01,300 yuan, Today, we are able to conclude, not Hua Yi investment tax evasion and violations of the corporate income tax payments if investment in Hua Yi to achieve a net profit of 14.999 million yuan of the only reasonable explanation is Hua Yi invested in accordance with the equity method of accounting, the long-term equity investment hillman hillman company held 47.62% stake, do not hold other companies equity conditions.
under the conditions of the equity method of accounting for long-term investment, in accordance with the hillman 2011 annual net profit the amount of 87.8706 million yuan and Hua Yi investment holds 47.62% stake in Hua Yi investment that should be provision for investment income 41.844 million yuan (87.8706 million yuan * 47.62%), compared to the final net profit of 14.999 million yuan more than 26.845 million yuan, the difference shall be the total amount of the Hua Yi to invest when the annual costs incurred and paid taxes.
However, the question came, Hua Yi investment as a professional equity investment firm,wow gold, and only held Xilinmen equity, clear that the company is just a shell, existence is indirectly held investment shareholders of Hua Yi there hillman equity. Such a company there is no reason such a large amount of expenses, except instead of lucky ones to pay part of the cost has reached the goal of lower costs, inflated profits. Therefore, the face of the financial data of the controlling shareholder of strange, we had suspected the hidden expense and other related party transactions between listed companies, and to inflated hillman really profitability.
two,wow gold, suspected of defrauding the high-tech enterprise qualification, tax evasion and corporate income tax paragraph
hillman engaged in the mattress, soft bed products, production and sales as one of the IKEA supplier, the company?s type of business it seems and high-tech does not take the sector. Corresponds to But it seems no one can affect to the company successfully obtain the qualification of high-tech enterprises.
According to the prospectus the risk of preferential income tax policy change three-year period to enjoy 15% preferential enterprise income tax rate, December 2011, before the company?s listed again for review by the high-tech enterprise qualification, still enjoy a 15% enterprise income tax rate in 2011-2013 .
This hillman company interests hillman from the disclosure of financial data from 2009 to 2011, the parent company to achieve pre-tax profit amounted to 73.7896 million yuan, 90,630,500 yuan and 99.3415 million yuan, over the same period occurred the amount of income tax expense were 8.8051 million yuan, 8.1324 million yuan and 16.9082 million yuan, corresponding to the effective income tax rate of 11.93%, 8.97% and 17.02%, respectively, are much smaller than the 25 percent corporate income tax normal rates. But the question is, to hillman does not meet the relevant requirements of the high-tech enterprise management standard
because of the high-tech enterprise management standard %, of which R & D personnel accounted for more than 10% of the current year the total number of employees, which is one of the conditions necessary for the high-tech enterprises.
the other hand, hillman company, according to the prospectus, the number of employees constitute a part of information disclosure, as of the end of 2011 the company employs 2031 people, including a master?s degree and more than 11 people, including the University of a college education 575, together accounting for only 28.85 percent, not as At the same time, the company?s technical staff of only 188 people, accounting for only 9.26%, the same is less than the high-tech enterprise management standards on the number of R & D personnel accounted for 10% of the minimum standards, not to mention technical staff also includes a production line technology personnel should not be regarded as R & D personnel, the number of the company?s R & D staff proportion will be smaller.
view from the aforementioned two elements of the lucky ones do not meet the The company could not escape to cheat the high-tech enterprise qualification and then suspected of tax evasion and corporate income tax payments.
In this regard, China?s capital, chief research analyst Qixian Chen said to the reporter, the lucky ones facing the greatest risk is the tax department to pursue the tax payment, this case has been true in the listed company who, if in the future state tax department finds hillman company does not meet the high-tech enterprise qualification, it is likely to require the company to repay the previous years concession the corporate income tax payments, and caused great losses to the company. For investors, this risk does have defense.
three unrecognized equity incentive fees, allegedly inflated profits
according to hillman prospectus disclosure, in July 2009 when a large number of shareholders had natural persons and legal transfer of ownership, which is transferred to the employees Zhang Keqin, Ma Min Qi capital contributions 288,700 yuan, a consideration of 1:3.8095; transfer of 12.075 million yuan of capital contributions to the external financial investors Guangzhou Wang Tak five corporate shareholders at a price of is 1:8.5714. It is not difficult to see when in July 2009, the the hillman equity fair value should be in units of the registered capital of 8.5714 yuan, much higher than the same day two company managers transferee equity of 3.8095 yuan.
explained under the shareholders to the proposed IPO of its holdings of corporate shares at a lower price for sale to the executives and core technical personnel and executives and core technical personnel at a lower price to the IPO Firms replenishment. Regardless of what kind of behavior, enterprises should be in order to calculate the equity incentive fee, and profit or loss and capital reserves.
For example on June 13, 2011 through the issuance examination committee, Shenzhen Rui and Building Decoration Co., Ltd., the prospectus shows the largest shareholder of the company held by the company in July 2009, 20 % stake in the transfer of 24 million yuan to 47 company executives and ordinary employees, and thus confirmed the equity incentive to increase the cost of 16 million yuan, offset current profits.
from the above analysis is not difficult to see, to the behavior of two low-cost transfer of ownership of the management staff,wow gold, the the hillman large shareholder should obviously be as an equity incentive processing, and shall accordingly provision for the cost of equity incentive 1.3748 million yuan ((8.5714-3.8095) * 28.87). But in fact the company in 2009 but for this matter accrued any equity incentive fees, which are clearly contrary to the relevant provisions of the Accounting Standards, allegedly inflated profits in 2009.
is
It is worth noting that the issuance examination committee previously also security on behalf of training courses to executives for executives in the company to be listed low-cost directed issue of shares, the largest shareholder directly or indirectly The price behavior of the transfer of ownership, shall be deemed as acts of equity incentive and confirm the related costs, especially strict review Hillman company, unfortunately, the market for the company?s goal for the Shanghai Stock Exchange, the standard motherboard market. This means that the company will be included in the scope of review for the equity incentive act
In addition, hillman finished products accounting there are serious financial conflicts, the project is expected to raise investment income suspected of serious misrepresentation, the newspaper will continue to focus on.
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