Southwest Pharmaceuticals acquires the target financial doubts receivables management risk

Southwest Pharmaceutical (600666), which is mainly engaged in the production of pharmaceutical tablets and injections, finally decided to transform. In the “Report on Major Assets Replacement and Issuance of Shares and the Raising of Matching Funds and Related Transactions” issued by the company on September 6, the company decided to increase the number of shares by 7.42 yuan/share to 500 million shares after the proposed asset replacement. % equity, and plans not to be less than 7.42 yuan / share fixed increase of not more than 13,881.40 million shares to Orient "large size sapphire material industry base expansion project" and Qiu Guan photoelectric "sapphire window base project."

After the completion of the transaction, the main business will be transformed into a supplier of sapphire crystal materials and single crystal furnace equipment. However, in response to this gorgeous turn, the Red Weekly reporter analyzed and analyzed the business data of its huge acquisition of Orient, and found that the company has a very difficult business implementation and its own business climate in the context of extremely weak sales repayment ability. It is worrying, and it does not even rule out financial fraud that has serious fictitious income and false profits.

Accounts receivable management deposit risk <br> <br> Southwest Pharmaceutical Aorui De audit report disclosed the relevant data (see Table 1) in accordance with the "blue Synopsys" is the first big Aorui De first four months of this year, Customers, the corresponding sales amounted to 3,986,370 yuan, and as of the end of April this year, Orient's balance of accounts receivable was as high as 42.926 million yuan, which was higher than the operating income of the same period; because Lansi Technology did not appear In the list of the main customers of Orient in 2013 and the list of major accounts receivable at the end of the year, it can be inferred that the accounts receivable for the client are all born in the sales process in the first four months of this year.

Considering the adjustment of VAT output tax, we can't judge that Orient's accounts receivable for Lansi Technology lacks a basis for existence, but such a high debt ratio means sales for Lansi Technology. Ord actually did not receive much payment, there is a certain risk of account receivable management.

Lansi Technology is not a case. “Huangshan Dongjing Optoelectronics Technology Co., Ltd.” also has the same problem. It is a large customer of Orient in 2013. It was ranked as the third largest customer of the company with sales of 41.7 million yuan. The rankings, and thus at the end of the year formed a balance of up to 39.07 million yuan in accounts receivable. Since "Huangshan Dongjing Optoelectronics Technology Co., Ltd." has not appeared in Orid's main customer list for the first 4 months of this year, it can be judged that in the first 4 months of this year, Orient's sales to this customer should be It will not exceed 702.73 million yuan. However, under such conditions, as of the end of April this year, the balance of Ord's accounts receivable for this customer is still as high as 33,637,100 yuan, the decline is not obvious. Therefore, it is not difficult to judge that the recovery of Orient's payment for this customer is very difficult.

Huge amounts of fictitious sales data <br> <br> What's more, the main problem is not in this. “Huangshan Dongjing Optoelectronics Technology Co., Ltd.” is a wholly-owned subsidiary of listed company Dongjing Electronics (12.96, -0.17, -1.29%). Therefore, Orient’s sales to Huangshan Dongjing Optoelectronics will also be listed. The company's Dongjing Electronics merged the procurement data under the caliber, and the two sets of data should be roughly equivalent. This also means that Orient should be the main supplier under the 2013 merger of Dongjing Optoelectronics, and the purchase amount is about 41.7 million yuan.

However, in fact, according to the 2013 annual report data disclosed by Dongjing Electronics, although the company did not disclose the specific names of the top five suppliers, it can still be seen that even the top supplier, Xiangdong Optoelectronics The sales amount is only only more than 700 million yuan, and the total purchase amount of the top five suppliers is only 3,159,924 yuan. This is a far cry from the amount of transaction that Ored said to sell to Huangshan Dongjing Optoelectronics for up to 4,170,900 yuan, at least a difference of more than 30 million yuan, which is really shocking.

The products provided by Orient are exactly the main products of Dongjing Optoelectronics and one of the main raw materials of various types of electronic components. Therefore, there should be no significant gap between the two parties in the calculation of the purchase and sales amount. This is naturally very questionable. Does Orid’s description of the sales of more than 40 million yuan of Huangjing Dongjing Optoelectronics actually exist? In other words, does Oride artificially fictionalize this huge sales, and ultimately lead to inflated income and inflated profits?

Furthermore, if there is a big doubt about the sales amount of Dongjing Electronics, then the tens of millions of accounts receivable mentioned by Orient for Huangshan Dongjing Optoelectronics is equally doubtful, after all, if Ori The existence of fictional income and the act of inflating profits will inevitably lead to the existence of financial fraud in the inflated assets.

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