According to the national small and medium-sized enterprises share transfer system of limited liability company (hereinafter referred to as "the company shares transfer system") national stock transfer system in the small and medium-sized enterprise business rules issued "(for Trial Implementation)" (hereinafter referred to as "business rules"), a (Xiamen) Polytron Technologies Inc (hereinafter referred to as "ring technology" or "the company" the transfer of shares of stock) in the system of the national small and medium-sized enterprises listing matters has held the board of directors and shareholders
The general assembly, and through the relevant resolutions.
According to the transfer of shares system the company issued a "national small and medium-sized enterprises share transfer system host brokerage recommended business rules (Trial)" (hereinafter referred to as the "recommended" provisions "), the small and medium-sized enterprises share transfer system host brokerage due diligence work guidelines (for Trial Implementation)" (hereinafter referred to as the "survey guidelines"), my company technology business, financial, corporate governance of ring and legal compliance matters to due diligence, the ring technology and the application in its shares on the stock transfer system of the small and medium-sized enterprises listing issued this report.
A due diligence investigation situation,
Dongxing securities recommended centralyear technology stocks listed in the project group shares transfer system, the small and medium-sized enterprises (hereinafter referred to as the "project team") according to the "guidelines" requirements survey, the ring technology conducted due diligence, the main issues including: company to understand the basic situation, historical evolution, independence, related party transactions, competition, standardized operation, the company's business and industry, financial status, development prospects and other significant matters.
The project team and a chairman of science and technology, the person in charge of Finance and part of directors, supervisors, employees had a conversation; refer to the articles of association of the company, three (the general meeting of shareholders, board of directors, board of supervisors) the record of the meeting, company regulations, accounting vouchers, accounting books, the audit report, the administrative department for Industry and commerce business registration information, the tax payment certificates; understand the company's production and operation status, internal control system, standardized operation and development plan.
Through the due diligence, the project team issued a "ring" due diligence investigation report (Xiamen) Polytron Technologies Inc, the ring technology business, financial, corporate governance and compliance matters published opinion.
Two, centralyear technology conform to "business rules" provisions of the listing conditions
Dongxing securities Limited by Share Ltd recommendation report
According to the due diligence investigation situation of project team of ring technology, http://www.hcsolidwaste.com/ I think that the company centralyear technology conforms to its shares in the listing of shares transfer system of the national medium - sized and small enterprises:
(a) company established according to law and the existence of two years
1, the company set up a subject, procedure legal, compliance
The company was founded in 2010 June, 2014 February to audited net assets book folded manner change to the overall stock company. The overall change process using the historical cost principle, not accounting adjustment according to the results of assets evaluation, fold equity is not higher than the net assets of the company and not higher than the assessed value, the whole company changed in accordance with the regulations, duration from Limited was established to calculate.
2, the shareholders of the company funded legal, compliance, and forms of investment proportion shall be in accordance with the "company law" relevant rules and regulations.
Set
To sum up, the main body, the company set up a legal procedures and compliance; the shareholders of the company funded legal, compliance, and forms of investment proportion shall be in accordance with the relevant provisions of the "company law"; the existence of the company for two years, in line with the "company established in accordance with the law and the existence conditions of two years".
(two) the company's business is clear, has the ability of sustainable management
The company's main business is the solid waste treatment and environmental protection special equipment and other environmental protection equipment business, wherein the solid waste treatment and environmental protection special equipment operating income in 2012, 2013 and 2014 1-6 menstrual audit sales revenue accounted for 26.14%, 54.88%, 93.66%, environmental protection equipment sales ratio increases year by year, clear main business. The company holds the key elements of resources, related to the main business includes: the main technology, the products or services required corresponding fixed assets, intangible assets, staffing and quality management system. The future, the production and sale of strategic positioning in the special environment protection equipment, the company has the capability of sustainable management.
To sum up, the company in line with the "company business is clear, has the ability to" continued operating conditions.
(three) sound corporate governance mechanism, legal and standard management
The company changed into joint-stock companies, set up the general meeting of shareholders, board of directors, board of supervisors of corporate governance structure and management, through the three aspects of the rules of procedure and will be relevant to overseas investment, the foreign guarantee, related transaction regulations, sound governance mechanism, and can run effectively, protect the rights and interests of investors; the company and its controlling shareholders, actual controllers, directors, supervisors, senior management personnel shall conduct business activities in accordance with the law, the business bank of Dongxing securities Limited by Share Ltd recommendation report
As a legal, compliance, not the existence of major illegal behavior.
To sum up, the company in line with the "sound corporate governance mechanism, legal and standard operation" conditions.
(four) the company equity clear, stock issuance and transfer behavior of legal compliance
According to a survey of the company history, company all previous investment, transfer of stock equity, investment behavior are performed in the corresponding formalities, and shall apply for business registration. The shareholders of the company do not exist documents the state laws, regulations, rules and norms are not suitable as shareholders; corporate equity ownership clear, clear, there is no ownership dispute or potential disputes held by shareholders of the company stock, stock issuance and transfer behavior of legal compliance.
(five) the host brokerage recommendations and continuous supervision
The company in July 23, 2014 and I signed a "recommend listing and continuous supervision agreement", our company will be strictly in accordance with the provisions of recommendation centralyear technology listing, and in its listing in accordance with the relevant provisions of the supervision.
(six) other conditions
The company belongs to the high-tech enterprise, has a high-tech enterprise qualification certificate. The company's core technology is prominent, the core technology constitute the company's core competitiveness.
Three, the kernel program and the kernel views
Dongxing securities recommended projects listed group (hereinafter referred to as the "kernel kernel group") on the ring technology stocks
In the listing of shares transfer system of the national small and medium-sized enterprise application documents were carefully review, and in 2014 the month held kernel meetings, meetings to review the project team produced the ring technology listing application materials and put forward the kernel views. In the meeting, Zhang Dekun kernel including Zhang Yan, Chen Yingmu, Zhao Zhaihong, Wang Xiufeng, Yang Ruomu, Lv Qingfeng seven people, including Wang Xiufeng Zhang Dekun, lawyer, CPA industry experts Yang Ruomu each one
Name. The kernel member does not exist in the past three years, the situation of illegal violation records; does not exist as a project team members of the case; do not exist to recommend the listed company shares held or worked in the company and other
May affect the performance of duties of justice case.
According to the "Listing Rules" provisions of the kernel work project recommendation and the "Dongxing securities Limited by Share Ltd recommended"
(hereinafter referred to as the "core rules") to the kernel audit requirements, the kernel member participants after the discussion on the ring set
Science and technology in this listing of audit opinions issued as follows:
Dongxing securities Limited by Share Ltd recommendation report
(a) the project team has been in accordance with the "investigation guidelines" requirements of the company's due diligence. Small projects
In the group of registered accountants, lawyers, industry analysts have due diligence involves financial and accounting matters, legal matters, business technology matters issued "due diligence report".
(two) the project team according to the "national system of the transfer of shares of small and medium-sized enterprises public transfer instruction content and format guidelines (for Trial Implementation)" requirements, making the "public transfer instructions" before the disclosure of information, listed companies to comply with the relevant requirements.
(three) company established according to law and lasts up to two years, limited to the audited net assets book folded square
Type the change to the overall stock company, the overall change process using the historical cost principle, duration from limited established calculation; the company's business is clear, with ability of continuous operation; sound corporate governance mechanism, legal and standard management, corporate ownership clear, stock issuance and transfer behavior of legal compliance; the company has signed "recommend listing and continuous supervision agreement with Dongxing securities".
(four) shares company restructuring matters, the project team has been in the "survey report" due diligence in limited company
The change to the overall legal compliance of shares of the company conducted a special survey. Ltd. Co. has the overall change of the main qualifications; incorporation process, Company Limited on the overall change into a stock company shareholders' meeting procedures and contents in compliance with the relevant laws, regulations and normative documents requirements, lawful and effective; the sponsor signed "the promoters agreement" in compliance with the relevant laws, regulations and normative documents requirements, valid, and there is no potential legal disputes and risk; stock company established in the process of the relevant assessment, audit, capital verification performed the necessary procedures in accordance with the provisions of laws, regulations and normative documents; joint-stock company founded the convening of the general assembly program and discussed matters in accordance with the provisions of laws, regulations and normative documents, the the resolutions adopted by the lawful and effective; the company will change for the shares of the company has handled industrial and commercial registration of changes; in recent two years, the company's main business, the controlling shareholders and actual controllers, directors and senior management personnel did not produce major change. Therefore, the change to the overall stock of Public Company Limited
Our procedure, qualification, condition, way in line with the provisions of laws, regulations and normative documents.
According to the "recommended" and "rules" provisions of the requirements of the kernel, kernel meeting whether to recommend centralyear technology stocks in the stock transfer system of the small and medium-sized enterprises listing vote. Vote by secret ballot, one person one vote. The vote was 7 votes: agreed, against 0 votes. The meeting agreed to recommend centralyear technology stocks listed in the small and medium-sized enterprises share transfer system.
Four, recommendation and recommend reason
Dongxing securities Limited by Share Ltd recommendation report
In view of the fact that the ring technology in accordance with the relevant provisions of the national share transfer system of the company, my company agreed to recommend centralyear technology stocks listed in the small and medium-sized enterprises share transfer system.
Recommend reasons are as follows:
The company is a research and development, a set of environmental protection special equipment production and sales of high-tech enterprises, the main business focus on water recycling system (including but not limited to urban drainage system, irrigation system and sewage treatment and drainage system etc.) in solid waste crushing processing and ground part of industrial waste, garbage and other solid waste the crushing processing. According to the company's specific business situation, in accordance with the listing Corporation industry classification guidelines the Commission issued the "" (2012 Revision) and "classification of national economic industries (GB/T4754-2011)", the industry is special equipment manufacturing industry, industry code C35, according to the company's products and services in different fields, the business of the company belong to the environmental protection special equipment manufacturing industry, industry code C3591.
Because of the company's industry has the following the development of powerful factors and competitive advantage, so our special to the transfer of shares in the listed company recommendation system.
1, the favorable factors
(1) the national policy support, the continuous optimization of the environmental protection industry
The development trend of the environmental protection industry has undoubtedly, policy environment protection development, from the fifteen session of the Third Plenary Session of the seventeen session of the third plenary session, the span of ten years, the environmental protection content involves many aspects of agriculture, water resources, rivers of governance, the previous Third Plenary Session pointed out that environmental protection development emphasis on construction and benefit improvement, and eighteen of the third plenary session the problem of environmental protection, the keyword is "system", the Third Plenary Session of the eighteen pointed out that the complete system of ecological civilization construction system, the system used to protect the ecological environment, to improve the natural resource assets property rights system and application management system, delimit ecological river line, the implementation of paid use of resources and ecological compensation system, the protection of the ecological environment governance system reform. Environmental protection system, property development results will make the enterprise environmental prevention, environmental management consciousness and behavior to strengthen, promote the environmental protection industry to develop. In January 1, 2015 the implementation of the "environmental protection law" responsibility to clear thinking, in line with the "third plenum reform thought", from the contrast between the new and the existing environmental laws, regulations can be found a clear responsibility, environmental responsibility system, clear the sewage units of environmental responsibility is new focus, related expression: "enterprises and institutions of illegal discharge of pollutants, fined the punishment, was ordered to correct within a prescribed time limit, no correction is overdue, make a decision on punishment in accordance with the law the administrative organ may, in accordance with the original punishment amount daily consecutive penalties".
"Daily penalty" is a common practice in the world, is a breakthrough in China's future punishment, illegal into Dongxing securities Limited by Share Ltd recommendation report
Therefore, no doubt to promote environmental protection behavior tends market.
(2) the state investment in the field of environmental protection is increasing continuously, stimulating domestic demand of environmental protection industry
"Twelfth Five Year Plan" period, the field of environmental protection in China's government support will continue to be good. According to the Ministry of environmental protection of China Environmental Planning Institute forecast, 2011-2015 years, our country to the environmental protection field size of the total investment is expected to reach 3100000000000 yuan, is "eleven five" during the 1540000000000 yuan of investment growth of 101.30%.
Environmental protection industry is a typical investment industry, with national and social public pay more and more attention to environment protection, the state of environmental protection industry investment increase. The total investment in environmental pollution control accounted for the proportion of GDP rose from 1.01% in 2001 to 1.66% in 2010 (source: National Bureau of statistics).
(3) water treatment industry as a whole new decline in processing capacity, technology upgrading will be the focus, as the model
Provides a space for the development of environmental protection equipment
The field of water treatment mainly involves the supply of tap water production, wastewater treatment and recycling, other water treatment etc..
Considering from the perspective of the industrial structure, the upstream industry wastewater treatment mainly includes the sewage of industrial enterprises, sewage treatment equipment enterprises, industrial wastewater and urban residents living with the sewage through the sewage after discharged into natural water bodies or through the water reuse returns for enterprises or residents.
According to the use of facilities planning and construction of the national "Twelfth Five Year" national urban sewage treatment and recycling, is expected to 2015 Chinese national city sewage treatment rate will reach 85%, compared with 2010 at the end of 77.5% increased 7.5 percentage points; the corresponding new sewage treatment capacity of about 45690000 cubic meters / day, when the sewage treatment capacity will reach 208050000 cubic meters / day. On the investment point of view "the Twelfth Five Year Plan" period, the use of facilities construction investment plan of nearly 430000000000 yuan of town sewage treatment and recycling, substantial investment growth rate showed a declining trend, we think this is because of countrywide main city sewage treatment rate is close to 80%, the growth in space is not large, coupled with China's current city water consumption rate is close to 100% and the whole society to save water in the call but showed a declining trend, so the water treatment industry does not have a high natural growth rate. So in fact the "Twelfth Five Year" key construction in upgrading for the old facilities, according to the planning, "sewage treatment capacity upgrade requires the Twelfth Five Year Plan" period is about 26110000 tons / day. Environmental processing equipment updating and skills upgrading, must be the new high-tech enterprises to create a certain space for development, and even become the environmental protection equipment manufacturing industry competition pattern of re shuffling node. (data from: Aerospace securities research department, the environmental protection industry network) 2, the company's competitive advantage is mainly reflected in the following aspects:
Dongxing securities Limited by Share Ltd recommendation report
(1) the technical advantage
In the introduction, digestion and absorption of foreign advanced technology foundation, in view of the characteristics of China's environmental protection equipment, the company innovation of a set of line with a variety of solid waste material treatment products, technologies and processes. Among them, the company in solid waste treatment and floating type automatic compensation technology, machinery and equipment in the production of sealing package technology is in the leading position in the industry.
The company's crushing grille products now has 9 national patents, covering almost all of the key type grille comminution technology. Company production equipment has a unique rotating shaftless gate drum can prevent the winding of the garbage, no axis grating drum continuously rotates, Ying water gate surface has been changed, not grid slag and trapped because of long time static congestion; because the rotary drum without shaft design, so as to avoid the waste and sewage in flexible around the gate drum the situation on the water, to ensure the smooth, improve the safety of the operation of pumping station. Other similar equipment is on the rotary scraping rake remove solid grid slag, Ying water gate face easily adhesion grid slag in scraping rake running period, resulting in water area reduction, safety of pumping station is reduced; a disc or drum grille shaft composed, the disc or shaft can easily be fiber winding, reduce the pumping station safety, and increase the difficulty of maintenance and maintenance cost.
The company's products and foreign brands (JWCE) compares the advantages and disadvantages as follows:
The content of JWCE (imported brands) ring a (domestic brands) difference
The working principle of biaxial shear type crushing biaxial shear type crushing indifference
Blade material of 4130 alloy steel America import 4130 alloy steel no difference
Blade pile stress
Methods
The blade group and shaft adopts floating technology
Operation, automatic compensation, bearing no axial force, not easy broken, long life blade group and shaft adopts floating technology, automatic compensation, bearing no axial force, not easy broken, long life
No difference
No difference in the blade hardness of 45-50HRC 45-50HRC
Crushed grain diameter 6-12mm 6-12mm no difference
The United States imports of 4140 axis 4140 alloy steel alloy steel no difference
Sealing material and
Seal form
Tungsten carbide, tungsten carbide, mechanical seal mechanical seal mechanical seal junction no difference
Structure
Integrated mechanical seal kit
Integrated mechanical seal kit (patent technology)
No difference
Blade tooth fixed tooth profile according to the cutting material choose Customize
Superior foreign
Products
Motor
Amphibious type explosion-proof electric motor
Machine
Protection class IP68
Amphibious type motor of explosion-proof motor
Protection class IP68
No difference
Drum parallel helical winding type, or perforation parallel helical winding type, or perforated rotary no difference of Dongxing securities Limited by Share Ltd recommendation report
The content of JWCE (imported brands) ring a (domestic brands) difference
Drum, no shaft, not easy to hang garbage and jam
Drum, no shaft, not easy to hang garbage and blockage, water coefficient
Drum material 304 stainless steel
304 stainless steel (customizable 316L stainless steel)
No difference
Seal sand
With the guide groove and the sand cover, sealing and the shaft is not in direct contact with sand and water
With the guide groove and the sand cover, sealing and the shaft is not in direct contact with sand and water
No difference
The speed reducer
Planetary gear reducer (Europe and the custom, the specific brand unknown) standardization to the overall order of professional manufacturers
Waterproof type planetary gear reducer (planetary gear for high-end long-life type reducer, anti shock loading capacity is far greater than the low cost
Cycloid pin wheel reducer) standard is Taiwan goods
Card
Brand awareness
Slightly less, no bad performance
ISO
Coupling
Before and after the elastic connection, resistance starting moment and shear rubbish impact
Load, protective gear and bearing blade, etc.
Before and after the elastic connection, resist impact load starting moment and shear rubbish, no difference in protective gear and bearing blade, etc.
Positive inversion
Positive number and time can not
Set free
Positive number and time can be freely set
Set
Superior foreign
Products
Control cabinet
Only PLC numerous display devices, locked rotor current blocking the number can not be self
By setting up the
PLC+ display screen all digital display and equipment.
Fixed, locked rotor current blocking times can freely set
Set
Superior foreign
Products
Surface equipment
Manufacturing process
Processing device surface is uniform and smooth surface treatment equipment slightly worse slightly poor brand awareness of famous general slightly worse
After-sales service
Domestic non manufacturers class after-sales service
Point, can only buy a replacement parts
The warranty period of local manufacturer level service, timely service is better than a 3-5 years better than
Delivery period of 3 months or more a month than
Spare parts price high price moderate superior
The price is low high (for the price of foreign brands of 1/3-1/2) is better than
As can be seen from the table, the company production of crushing grid in the technical treatment essence is better than other similar products, and has a wide application range, automatically controlled, real-time display, service guarantee, price higher characteristic.
(2) senior industry experience and excellent market brand
Since the establishment of the company is committed to research in the field of solid waste treatment and drainage sectors subdivision, after several years of development, has accumulated rich experience in product development, has a good reputation and a certain brand strength in the field, and the Dongxing securities Limited by Share Ltd recommendation report
The company screens recognized by the international market, business covering the whole country more than ten provinces, and has been exported to the United States, Canada, Russia, Britain, Portugal, Greece, South Korea, Thailand, India, Malaysia, Lithuania and other countries.
(3) product differentiation advantages
Because the solid waste treatment equipment is mainly used in different places, especially underwater equipment by the pH of wastewater, pipe drainage system shape and other factors, and climate environment, job demand far, guide
Due to different customers with different needs of the individual, so professional equipment manufacturing companies can better adapt to the characteristics of the field.
Companies in the development process of adhering to the "focus on environmental protection, science and technology innovation" business philosophy, the specialized business for long in the solid waste garbage disposal equipment manufacturing field, the accumulation of years of some experience in the industry, so to adjust the product according to the customer demand fast and flexible structure and marketing strategy, design the individuation and flexible, flexible production give full play to the flexible mechanism, allows the company in the fierce market competition advantage, faster and better adapt to market changes.
At present, the company "to create greater value for the customer" as the goal to attract customers through research in the field of solid waste disposal on the subdivision of focus, manufacturing industry solid waste equipment to provide for a variety of waste material and customer demand for comprehensive solutions for the characteristics of the core competitive power.
(4) solid waste treatment equipment and controller integration advantages
Company comminutor are equipped with specially designed PLC control cabinet, controller according to equipment installation environment to choose indoor cabinet or outdoor cabinet is equipped with.
Crush type grille machine company produced fully combines the PLC control system of high degree of automation, stable performance, good scalability, scalable and other advantages, the company screens machine to achieve all-round monitoring.
Control cabinet uses the programmable controller (PLC) as the control core, the main electric elements are made by ABB, OMRON, Fuji and other well-known company's products, reliable operation, complete functions, perfect protection. At present, the company has completed the installation business technology and equipment system controller supporting a number of waste material disposal.
Five, draw the matters of attention from investors
(a) greater risk of accounts receivable
Dongxing securities Limited by Share Ltd recommendation report
In December 31, 2012, December 31, 2013 and June 30, 2014 accounts receivable respectively 26.46%, 27.51% and 37.03% than the current assets ratio, the high proportion, if not timely recovery of the company's payment flow, will cause a certain degree of influence on the company's cash, bring the operation risk to the company.
According to accounts receivable balance of risks, the company developed a payment collection management policy, sales management policy and financial management system, through the performance evaluation and responsibility assessment methods will be paid into the staff performance management, accounts receivable to better management, timely recovery of loans and reduce the occurrence of bad debts.
(two) customers rely on risk
(two) customers rely on risk
During the reporting period, 2012, 2013, 2014 1 to June five customers before the company sales revenue accounted for the total sales revenue of 83.69%, 53.81%, 70.83%, the proportion of revenue is larger, being on the main customers of major risk of dependence. During the reporting period the top five customers scattered, not on the formation of a single customer dependence phenomenon, because of the company products a longer service life and the company in product and market development and the development of the initial stage, the customer long-term cooperation relationship can not be reflected, if the clients of company has changed, the existing risk impact business performance.
The company also formulated the following measures to deal with the customers rely on risk: make active sales policy 1, the company production and research and development, market development experience in the summary of product, and expand market share, scattered customers rely on risk; 2, the development of new customers at the same time to consolidate the existing customer relationship, to establish long-term cooperative relations of the stable; 3, to improve the quality of our products, improve production efficiency, enhance the competitiveness of the market.
(three) the actual controller to control the risk of improper
At present, the company chairman Guo Zicheng owns 51.14% shares, the controlling shareholder of the company and the actual controller. If the special status by using the actual controller, the controlling shareholder, through the exercise of voting rights or other means on the company's management and decision-making, profit distribution, foreign investment and other control, may adversely affect the interests of the company and other shareholders of the company.
In view of the actual controller control the risk of inappropriate, the company has established a scientific corporate governance structure, formulated the "articles of association", three rules of procedure, related party transactions and the external guarantee system, decision-making behavior specification by the controlling shareholders and actual controllers, prevent the controlling shareholders and actual controllers of the company and other shareholders rights infringement.
(four) the supplier dependence risk
Dongxing securities Limited by Share Ltd recommendation report
During the reporting period, 2012, 2013, 2014 1 to June the company top five suppliers procurement volume accounted for the total procurement volume 66.67%, 56.02%%, 48.89%, the proportion of larger, being dependent on suppliers of major risk. The main reason for the early development of the company, to establish long-term cooperative relationship with suppliers, to maintain a certain degree of bargaining power. But as the business expanded, for raw materials and supply of quality and quantity requirements will be improved if the supplier is unable to provide qualified goods according to the requirements, the company will face a certain degree of risk.
The company also formulated the following measures to deal with the supplier dependent risk: 1, with the business expanding, the company actively to develop other suppliers, ensure the supply of diversified, decentralized supplier dependent risk; 2, the development of new suppliers and consolidate the original supply relationship stability, to establish long-term cooperative relations; 3, improve product quality, improve production efficiency, enhance the market competitiveness.
(five) the rapid development of the governance, management risk trigger
With the business expanding, the company will further expand the scale of the overall business, which will forward to the company on strategic planning, organization, internal control, operation management, financial management and other aspects of higher requirements.
Prior to the establishment of joint-stock companies, the company's corporate governance structure is not perfect, there is a lack of internal control. In 2014, the overall change to Limited by Share Ltd, and gradually establish and perfect the corporate governance structure, developed to adapt to the enterprise internal control system at the present stage of development. But because the Limited by Share Ltd and limited liability companies there is a big difference in corporate governance, especially the small and medium-sized enterprises company shares in the listing of shares transfer system, the new system will be put forward higher requirements on corporate governance. And the management of the company for the new system is still in the study and the understanding, further improve still need for the implementation of the new system, the level of. Therefore, the existence of risk due to internal management can not meet the development needs and the impact of the company's sustained and stable and healthy development of the company's future business.
To reduce the risk of corporate governance, the company will make great efforts to strengthen the internal control system of enforcement, give full play to the supervisory role of the board of supervisors, in strict accordance with the management control system, standardized operation of the internal control system, management system of Surety Company can be effectively executed.
(six) the lack of standard financial risk
During the reporting period, the company is in the limited stage, business scale is small, failed to establish an effective and reasonable measures for the financial management, and the financial system is not suitable for the company's business development and growth after the financial demand, financial management entities are not standardized risk. Shares after the establishment of the company, the company has established ERP management system, set up sales management, purchasing management, warehouse management, inventory accounting and other business management module, the module of the business of Dongxing securities Limited by Share Ltd recommendation report
Program and standardization, on the basis of the development of financial process and financial rules and regulations and internal control system perfect, the company will be in strict accordance with the accounting standards for business enterprises and listing Corporation requirements of internal control management, effectively prevent caused the company expanded the scale of financial risk management ability is insufficient.
(seven) the rapid growth of the gross margin is not sustainable risk
During the reporting period, the company gross margin as follows: 2012 20.36%, 2013 31.98%, 2014 48.06%, gross margin grew faster. With the rapid development of the company's own R & D capability, the improvement and the increased volume of business, wool interest rate rapid growth phenomenon will with the company product market positioning is mature, the cost optimal and joined a large number of competitors and tends to be stable or even declining state. Therefore, the company gross margin the rapid growth may appear unsustainable state. Aiming at the sustainable rapid growth of wool interest rate risk, the company will be based on the changes of environment, make sufficient market research, product positioning and rich business structure, the timely development of new products and new markets to enhance the company's profitability.
(eight) risk of related transaction
During the reporting period, the company affiliated transactions occurred as follows: related party purchase amount is 1096800.18 yuan respectively in 2013, 2014 1-6 month 283177 yuan, accounting for the total procurement rates were 18.48% and 8.42%, respectively, related party sales amount to 793731.11 yuan in 2013, 2014 1-6 month 228931.62 yuan, total sales accounted for the proportion accounted for 11.13% in 2013 and 2014 1-6 month 5.82%.
The above related party transactions, is the company which occurs according to the need of business, although the ratio is not high, but has a more important effect on the business development of the company. With the gradual improvement of corporate governance structure, related party transactions need to perform more strict internal control procedures, if the related parties no longer meet the production requirements and to reduce the related party transactions, and could not find a suitable replacement in the short term, will have an adverse impact on the business of the company.
To this end, the company to further develop the market, vigorously develop the other customers; at the same time, the company has gradually increased in Xiamen spring constant Industry & Trade Co., Ltd., Xiamen Yili Xin Industry and Trade Co. Ltd., Xiamen Xinyi Machinery Equipment Co Ltd and other external vendors. The importance of the related party of the company business development will gradually reduce.
A technology company website: http://zuluhotel.cn/ |
