When a company seeks to be listed on A-shares, the biggest hurdle is to pass the meeting. After the meeting, the company basically stands at the door of the exchange, just waiting for the exchange to open the door for it. But some companies have been there for many years and can neither be entered nor left, just like unfinished buildings in a busy city. Mulinsen Co., Ltd. in Zhongshan City, Guangdong Province is one such company. The company successfully passed the meeting as early as 2011, but more than three years later, the company still has not received the issuance approval. Information shows that Mulinsen is a high-tech enterprise specializing in the production of a full range of optoelectronic equipment. It had a registered capital of 120 million yuan in 1998. The company produces a full range of LEDs and application products, and its LED light source output ranks first in China. The company is one of the second batch of listed companies promoted by the Zhongshan Municipal Government in 2010. Why did Mulinsen "pass without making a move"? It can be found from the company's financial statements:
The company's scale and performance have grown rapidly, and the authenticity is worrying
One year before the meeting, the company's scale and sales revenue suddenly surged, and total assets increased by 124%. how to view
This surge?
The company’s pre-disclosure statements show that the company’s total assets were 370 million yuan, 423 million yuan and 950 million yuan in 2008, 2009 and 2010. It can be seen that one year before the conference, the company's scale and sales revenue suddenly surged, and its total assets increased by 124%. What to make of this surge? If you continue to look at the items on the balance sheet, you will find that the company's liability items have increased significantly in 2010 compared with last year. Short-term borrowings alone have increased by more than 100 million yuan, and long-term borrowings have increased by more than 90 million yuan. Through calculation, it can be found that most of the increase in the company's total assets in 2010 was achieved by liabilities. Combined with the cash flow statement, it can be found that part of the increase in assets was achieved through high financing that year. Obviously this increase is not sustainable, and due to the sudden increase in liabilities, the company's liquidity indicators are not good-looking. For example, the company's liquidity ratio in 2010 was only 0.98.
In addition, the company’s sales revenue increased at an alarming rate in 2010. The company’s operating sales revenue in 2008, 2009 and 2010 were 3
.85亿元、4.56亿元和8.14亿元。2010年当年销售收入增加了78.5%，特别引人注目。但是若结合现金流量表一起仔细测算，会发现2010年虽然该公司销售商品、提供劳务收到的现金与销售收入增长方式几乎相同，分别是3.81亿元、4.78亿
Mulinsen urgently canceled about 17 related small companies from November 2010 to May 2011. In addition, Mulinsen’s prospectus shows that the company merged with six companies in a row before the IPO review. It is worth noting that among the above-mentioned six companies, except for Ji'an Mulinsen's 55% equity transfer, which completed the equity transfer on March 24, 2008, the remaining five completed acquisitions from May to November 2010, which is the year before the issuance review meeting. What's even more strange is that only 2 of the 6 companies are profitable, and the others are all losing money.
Emergency mergers and acquisitions have increased Mulinsen's liabilities. Most of the six companies' main businesses are low value-added LED lighting products. At present, small and medium-sized enterprises in the lighting industry generally have the following problems: eager for quick success, lack of product quality control, exporting low-end products, and weak market competitiveness. These problems will undoubtedly increase Mulinsen's financial burden. Moreover, the six merged companies brought a lot of direct liabilities to Mu Shenlin. For example: Willeisen's total assets at the end of 2009 reached 19.8331 million yuan, but its net assets were only 674,900 yuan, which means that the debt may exceed 19 million yuan; Angerson 2
In 2009, total assets were 7.4741 million yuan, net assets were only 700,000 yuan, and liabilities were 6.7 million yuan. Similar to other companies, total debt increased by nearly 35 million yuan.
Industry price levels have declined, and the expected profits of curtain investment projects are still unknown
In the current industry environment, the expected profit targets of curtain investment projects may be out of reach.
In recent years, the prices of LED packaging products have continued to fall. From January 2010 to the end of 2011, the average price reduction exceeded 45%, and some exceeded 50%. The main project that Mulinsen raised funds to invest in is also LED packaging products. It is understood that among the company's investment projects, the total investment in the LampLED product technology transformation project and the SMDLED product technology transformation project is 354.7895 million yuan, accounting for 83.22% of the total raised funds investment budget, and is the top priority of the investment project. At the same time, in the pre-disclosure, in the description of the expected profit of the project, the company believes that the project can bring the company 660 million yuan in new operating income every year. In the current industry environment
, the expected profit target of this curtain investment project may be out of reach.
From the above analysis, it can be seen that Mulinsen Company took a series of emergency measures for the IPO. These measures were obviously effective in the short term, but they obviously cannot stand the test in the long term, especially since the China Securities Regulatory Commission has established a "post-meeting review of major matters" procedure. It is obvious that the company was stuck in this procedure and was forced to become an "unfinished building." Let us wait and see whether this unfinished building can be saved and successfully completed.
ANNA