Hundred Round Pants Industry Logistics Outsourcing Mode Hidden Dangers Competition Competition Reappearance Doubts

Franchisees' tax evasion and other behaviors make it difficult to confirm the income of enterprises. This is undoubtedly a double-edged sword for the 100 round trousers industry.

The announcement of the Prospectus has been questioned by the media at the beginning of the disclosure of the draft prospectus, but the "100 yuan" industry has been successful in recent days, but it does not mean that the company has no defects in its production and operation.

On the contrary, Hundred round trousers industry The company, known as "one of the earliest clothing sales enterprises in China," is being questioned for its excessive growth in its performance. With the development of journalist survey, logistics outsourcing and competition among companies have also been revealed.

　　 Logistics outsourcing has become a double-edged sword.

about clothing Sales companies, the use of affiliate mode to make the company's rapid rise in performance has been criticized by people in the industry. And the trousers business of 100 round pants industry mainly stores by franchising.

Statistics show that as of the end of 2011 6, the hundred round pants industry has direct and franchise stores, a total of 1597, of which only 80 outlets, sales business is still mainly rely on the way of joining.

The industry believes that the franchise mode has greatly improved the company's performance, but the authenticity of the company's revenue remains to be studied. The root cause is that the tax evasion and other behaviors of franchisees make it difficult to confirm the income of enterprises. This is undoubtedly a double-edged sword for 100 round pants industry.

Perhaps the company realized that the dependence on franchised stores had a negative impact on the authenticity of the company's revenue. The company has gradually increased the number of Direct stores in recent years. From the end of 2008 to the end of 6 2011, the number of Direct stores (including business super stores) was 9, 17, 77 and 80 respectively, and the proportion of direct sales increased year by year, 0.17%, 1.62%, 4.13% and 8.59% respectively.

In the prospectus, the hundred circle trousers industry has increased the number of Direct stores. The reason is that the way of franchising is not directly oriented to the terminal consumers. Its gross margin level is lower than direct sales. At the same time, in recent years, with the continuous expansion of the company's sales scale, the company's financial strength has been enhanced.

Reporters noted that the 100 round pants industry will raise funds for the main purpose. Marketing The project will invest 275 million 500 thousand and 700 yuan, and will open 220 outlets in eight provincial capitals such as Changsha, Taiyuan and Guiyang.

An analyst in Beijing expressed concern about this. He pointed out: "the company relies on franchising for a long time, and it will bring difficulties to the company's profit or management in order to open more than 200 direct stores in a short time."

Similar to the franchise mode, logistics outsourcing is also a double-edged sword. The prospectus shows that the company has 13 product distribution centers in the whole country. Besides the distribution centers in Taiyuan and Guangzhou, the other 11 distribution centers are outsourced to local franchisees. In terms of product transportation, except for a small number of short distance orders, which are completed by the company itself, most of the rest are contracted out to third party professional logistics companies.

According to the analysis of the insiders, "although manufacturing enterprises adopt the logistics outsourcing strategy for the purpose of saving management costs and reducing costs, there are also potential risks in carrying out logistics outsourcing. On the one hand, they will weaken the control of products, and on the other hand, long-term reliance on outsourcing will also damage the interests of enterprises."

In the prospectus, the hundred circle pants industry listed risk factors such as product delay or delivery errors caused by accidents such as traffic accidents and natural disasters in transportation. {page_break}

　 Competition to reproduce "doubts"

The process of acquiring land use rights by the actual controller of the company dates back to the first capital increase in July 2003. The registered capital of the company increased from 5 million yuan to 17 million yuan. The increase of some 12 million yuan was invested by the Taiyuan food and beverage factory with the assessed land use rights and real estate (real estate).

Later, the assessment results were unexpected. The Taiyuan food and beverage factory invested 100 yuan in the limited assets valuation value as high as 14 million 922 thousand and 300 yuan. Of which 2 million 922 thousand and 300 yuan as a hundred yuan limited liability to Taiyuan food and beverage factory.

Statistics show that the Taiyuan food and beverage factory is a municipal state-owned enterprise in Taiyuan, originally a tire repair plant in Shanxi. It was converted to Taiyuan food and beverage factory in 1982. It is mainly engaged in beverage production and sales, and is currently authorized to operate state-owned assets by Taiyuan state owned commercial and Trade Assets Management company.

After the capital increase, the shareholding ratio of Taiyuan food and beverage factory was 70.59%, and the shareholding ratio of Yang Jianxin and fan Mei Hua was 19.12% and 10.29% respectively.

After only a month, Bai Yuan Limited signed a resettlement agreement with the Taiyuan food and beverage factory and a restructuring contract, which formally confirmed the cooperation mode and process of the two sides.

First of all, the Taiyuan food and beverage factory has limited investment in part of its land and buildings. The limited number of employees must be placed in batches of 130 employees in Taiyuan food and beverage factory. After the completion of the capital increase, the Taiyuan food and beverage factory will retain the remaining 7.06% of its shares, and the remaining shares will be transferred to the limited original shareholders of the hundred yuan. The transfer is cash acquisition.

In January 15, 2004, Yamashi Chihiro Certified Public Accountants Limited issued an asset assessment report on the transfer of shares. The net assets of the 100 Yuan Limited assessment were 14 million 126 thousand and 800 yuan.

On this basis, the transfer price of the shares was determined through consultation between the two sides, of which 7 million 800 thousand and 3 million of the contributions were transferred by 0.83 yuan / share, and the transfer price totaled 8 million 980 thousand yuan. The funds for the acquisition were all owned by Yang Jianxin and fan Mei, and the related funds had already been paid.

In January 26, 2004, the Taiyuan food and beverage factory signed the share transfer agreement with Yang Jianxin and fan Mei Hua respectively. At this point, the company has completed the first round of capital increase and stock expansion process. Yang Jianxin and his wife once again obtained the limited control of the limited fortune through equity transfer.

It is worth mentioning that the reporter found in the survey, Yang Jianxin control of another enterprise Shanxi decoration technology and Trade Group Co., Ltd., its main business also involves clothing production, is it suspected of competition in the same industry?

According to the prospectus, Shengli technology and trade group was established in 2006, of which Yang Jianxin contributed 70% and fan Mei invested 30%. Now the company has changed its name to Shanxi Hengsheng Weihua technology and Trade Co., Ltd. (hereinafter referred to as Heng Sheng Wei Hua). Its business range from general merchandise to auto parts and import and export business is very extensive, but without exception, it does not include clothing business related business.

Interestingly, in the introduction of the details of the Council members of the China trousers industry entrepreneurs Council, Shengli technology and trade group (formerly known as the company name) is a large group company integrating clothing production, research and development, sales, logistics, distribution and catering.

With a doubt, the reporter telephoned Heng Sheng Weihua. Unfortunately, the company phone had never been answered, and a staff member of the hundred round pants industry Securities Department said that the responsible leaders had been on a business trip and did not understand the relevant circumstances.

Analysts in the industry put forward: "if the company's main business under the control of the actual controller is the same as the listed company, there may be competition in the same industry, thereby undermining the interests of minority shareholders."