Dan Mao Textile 200 Million Inventory Zero Mention

Recently, another family Textile and clothing Jiangsu's danmao textile Limited by Share Ltd (the "Dan Mao textile") has disclosed the prospectus in advance. As a main production and sales enterprise of wool textile fabric and clothing, danmao textile industry is also facing the problem of the industry downturn, and the net profit decline is over 20%.

In addition, the stock of Dan Mao textile increased year by year, especially in 2013, the total inventory amounted to 267 million 65 thousand and 700 yuan, accounting for 37.30% of the total assets of that year. However, in the earnings report, Dan Mao textile did not make any allowance for the inventory. For the textile industry, such industries with large cost fluctuation and influenced by the macro consumption environment, this accounting method is rather radical, or there is suspicion of inflated profits.

For these questions, the reporter tried to interview. Dan wool textile The responsible person has yet to receive any reply at the end of the press release.

　　 Huge inventory does not make mention of impairment, deposit or increase profits suspected.

Dan Mao textile Stock It is unbelievable for a wool textile enterprise known as "selling products". At the end of 2011, at the end of 2012 and at the end of 2013, their inventories were 184 million 754 thousand and 700 yuan, 206 million 650 thousand and 700 yuan and 267 million 65 thousand and 700 yuan respectively, showing an upward trend year by year. The proportion of inventory accounts for the total assets of the year is 36.07%, 34.36% and 37.30% respectively.

In addition, the turnover rate of Dan Mao textile inventory is relatively low, and the continuous increase in inventory is affecting the turnover of the company's operating capital. Net inventories accounted for 67.18% of all current assets in 2013. For the reasons for the continuous increase in stock prices, Dan Mao textile is affected by factors such as price changes of raw materials, complex production processes, long delivery time, and customer pick-up.

In the stock composition of Dan Mao textile, the proportion of products and stock commodities is relatively high, but Dan Mao textile does not make any provision for the sale of inventory products. The company said that the current selling price of inventory goods is higher than its cost price, so there is no sign of falling prices. However, in the context of declining textile industry, this accounting process is rather radical, or there is suspicion of inflated profits.

In addition, as of December 31, 2013, the original value of the mortgage equipment of Dan Mao textile was 221 million 112 thousand and 200 yuan, and the original value of the mortgaged building structure was 91 million 549 thousand and 300 yuan.

　　 Industry "refrigeration" production and marketing rates, profits both slipped.

Referring to the prospectus, Dan Mao shares are in a difficult stage of recovery for the wool textile industry. The net profit of Dan Mao textile also declined year by year. In 2011, 2012 and 2013, its main business income was 434 million 684 thousand and 300 yuan, 423 million 583 thousand and 100 yuan and 472 million 418 thousand and 600 yuan respectively. Net profit was 41 million 101 thousand and 300 yuan, 32 million 697 thousand and 200 yuan and 23 million 878 thousand and 900 yuan respectively, slipped more than 20%.

In addition to the sharp decline in net profit, Dan Mao textile's debt is also gradually "overweight". At the end of 2012, total liabilities increased by 56 million 618 thousand and 800 yuan at the end of 2011, an increase of 19.55%. At the end of 2013, total liabilities increased by 90 million 634 thousand and 100 yuan at the end of 2012, an increase of 26.17%.

In the context of increased financial pressure, Dan Mao textile intends to raise 356 million yuan for the use of elastic combed wool textile fashion fabrics. But in fact, from 2011 to 2013, the production and sale rate of the main products of Dan Mao textile was not stable. During the reporting period, the production and sale rates of pure wool worsted fabrics were 95.05%, 97.55% and 93.18% respectively, and the sale and sale rates of the blended worsted fabrics were 93.99%, 102.10% and 94.12% respectively, compared with the previous year in 2013.