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Andre's "Sick" IPO Asset Liability Ratio Has Exceeded 70% For Three Consecutive Years.

2014/7/5 9:34:00 21

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> Anhui a href= "http:// www.91se91.com/news/index_c.asp" > Andrew /a > department store Limited by Share Ltd (hereinafter referred to as "Andre department store") this department store based on the three or four line city and rural market also entered the capital market vision. According to its prospectus, Andre Lee intends to land on the main board of the Shanghai Stock Exchange, issuing no more than 20 million of the circulation shares, and raising funds of not more than 355 million yuan for the construction of Andre shopping center in Wuwei County, Anhui, and the establishment of new urban and rural retail outlets. 
From P > 2011 to 2013, Andre department store realized business income of 1 billion 49 million yuan, 1 billion 141 million yuan and 1 billion 290 million yuan respectively, achieving net profit of 46 million 398 thousand yuan, 47 million 206 thousand and 700 yuan and 532 billion 834 million yuan respectively, and the revenue and net profit both showed an increasing trend. On the other hand, high debt also became a topic that Ande Lee could not avoid. The reporting period, the asset liability ratio (merger) of Andre department store was 78.13%, 76.97% and 78.38% respectively. 
 reporters also found that a large number of fixed assets were used for mortgages in Andre's department store. At the end of 2013, the original value of houses and buildings and land use rights used by Andre department was 657 million 261 thousand and 200 yuan, accounting for 94.94%. 
 according to local media reports, in 2007 and 2011, the department store of Andre department had been punished by the relevant departments for many times because of fire problems. In 2008, there was a fire at the Andre shopping center in Chaohu, but these were not mentioned in the prospectus. The relevant person in charge of Andeli Department told the times weekly that the fire had happened. At the same time, it explained that the problem of unqualified fire has been solved and that it has all been up to the standard, so the prospectus does not mention it. 
 < a > href= > http:// > www.91se91.com/news/index_c.asp > asset liability ratio < /a > for three consecutive years exceeding 70% /p >
 according to its prospectus, Andrew department store Limited by Share Ltd is going to be listed on the Shanghai Stock Exchange. This issue does not exceed 20 million shares. The total share capital after issuance is not more than 80 million shares, and the sponsor is Hua Lin securities limited liability company. 
Less than 355 million yuan will be used to collect funds from Andre department store, which will be used for the construction of Andre shopping center in Wuwei County, Anhui, the new retail outlets in urban and rural areas (including 49 supermarkets and 1 home appliance professional shops) and repayment of bank loans. Andre department store said that the Wuwei County Andre shopping center construction project and the new urban-rural retail sub project were organically combined to jointly promote the company "based on the Wanjiang River Basin in the central part of Anhui, and build the company into a department store and retail leader of the county and township market in Anhui Province, and become the development strategy of the first regional and leading business leading enterprises in the province". 
According to the prospectus, Andrew department store is a famous commercial enterprise in Anhui province. It was founded in 1984. It was originally a state-owned enterprise and was converted into a private enterprise in 2002. The company is headquartered in Lujiang County, and its outlets are mainly located in Lujiang, Chaohu, Ho County, Hanshan, Hefei and Wuwei. Under the jurisdiction of the Chaohu Andrew shopping center, Ho County andlee shopping center, Wuwei Andre shopping center and other subsidiaries, the business involves comprehensive department stores, large stores, chain supermarkets, professional shopping centers and logistics distribution centers. By the end of 2011, there were 30 branches of Andre outlets. 
 so far, Andre department store has 38 retail outlets, including shopping centers and supermarkets. It is mainly distributed in Lujiang, Chaohu, Ho County, Wuwei, Hanshan county and other townships, and has established outlets in 5 counties and 16 townships. The total area of the business is 115544.46 square meters, covering 6000 square kilometers of sales. 
 according to the prospectus data, from 2011 to 2013, Andre department store realized business income of 1 billion 49 million yuan, 1 billion 141 million yuan and 1 billion 290 million yuan respectively, achieving net profit of 46 million 398 thousand yuan, 47 million 206 thousand and 700 yuan, and 532 billion 834 million yuan respectively, showing an increasing trend in both revenue and net profit. But times weekly reporter found that in 2013 Andre Department deducted the net profit from non recurring gains and losses to 31 million 882 thousand yuan, compared with 2012 net profit after deducting the net profit reduced by 10 million yuan. 
 at the same time, because of the self mode of Andre department store, the inventory risk and capital occupation of the company are larger than that of other companies in the same industry. In 2011 ~2013, the asset liability ratio (merger) of Andre's department store was 78.13%, 76.97% and 78.38% respectively, and the debt ratio continued to rise. The current ratio was 0.69, 0.73 and 0.58 times, respectively, and the overall level was low. At the same time, being constrained by financing difficulties, Andre's houses and buildings and land use rights were heavily used for mortgages. As at the end of last year, the total original value of housing and buildings and land use rights used by Andre department was 657 million 261 thousand and 200 yuan, accounting for 94.94%. 
 > a href= "http:// www.91se91.com/news/index_c.asp" > self run mode < /a > hidden danger of development /p >
 it is worth noting that unlike most retail department stores in China, the retail business of Andre department stores is mainly self operated. That is to say, the organization's funds mainly come directly from the manufacturer or agency, and have the ownership of goods, bear all the operating expenses and business risks, and the profit mainly comes from the difference between purchase and sale. 
During the reporting period, the main business income of Andre Department accounted for 97.42%, 97.12% and 96.84% of revenue respectively. The main business revenue of Andre department in 2012 and 2013 increased by 86 million 141 thousand and 400 yuan and 141 million yuan respectively compared with the previous year, an increase of 8.43% and 12.69% over the previous year. From 2011 to 2013, the proportion of sales revenue achieved by Andre department in self operated mode was 85.93%, 86.55% and 86.96% respectively. 
 Andre department store said that the proprietary business mode is the main business mode of the foreign department store industry. Under these management modes, the enterprises have higher independent pricing power, better control of the quality of commodities, competitive advantage in market competition, better satisfaction of the consumption demand of the market, and more in line with the market demand of the three or four line city and rural market department stores that the issuers exclusively engage in. 
"P" Andre department also said that the proprietary mode can reduce the intermediate links, so that the price of the company's self operated goods is lower than the market price of 10%~15%. Financial data can also prove this view. Its self business revenue accounts for more than 80% of the total revenue of Andre department, and the company's consolidated gross profit margin is 19.40%, which is in the middle reaches of the industry. 
 but at the same time, it also frankly stated that these proprietary business models are more risky and difficult to manage than the commonly used joint mode in China, such as large inventory risk, high capital occupation, difficult procurement control, large amount of self marketing, and management personnel support. In the future operation, they will face operational risks caused by the risk points of their own mode. 
 "self run mode has a great test on the capital chain of department stores. Under such a mode, the debt ratio of the company will be relatively high, and the demand for loans will be large." Changjiang Securities retail industry analyst told times weekly reporter. 
"P" or because of this, Andre department store plans to use the 65 million yuan of this fund-raising fund to repay bank loans. "This will improve the company's financial structure, save financial costs, ease financial pressure and improve profitability." Andre's Department explains. 
 "it will be more common to repay bank loans in raising projects. The financing channels of listed companies which are not very popular are all derived from bank loans and there are no other ways." Yang Delong, chief strategist of the southern fund, analyzed the times weekly reporter. 
 punished for fire protection several times /p >
 in fact, Andrew department store and its subsidiaries have been punished by the fire department for a number of times and even had a fire accident. Such a major fire safety hazard has not been mentioned in its prospectus. 
 January 3, 2007, the Fire Department of Ju Chao District Public Security Bureau in Chaohu found that there were two main fire hazards in the Chaohu Andrew shopping center: the five storehouse warehouse and office in one, and no automatic sprinkler system and no closed staircase. Although the 1~4 layer was equipped with automatic alarm and automatic sprinkler fire extinguishing system, 13 fire shutters were installed, but these fire shutters did not actually play the role of fire isolation. Most of the space connected to the commercial area was simply separated by flammable materials such as three plywood. Order its rectification. 
 according to public information, in June 2, 2011, the public security fire brigade of Ju Chao District of Chaohu issued the administrative punishment book "Ju Gong (Xiao") [2011] first ", which was fined 5000 yuan on the basis of the" fire protection implementation of the store, equipment and safety signs not intact "on the grounds of Andrea general store Chaohu Chaohu Shopping Center Limited. 
 October 9, 2011, the public security fire brigade of Feixi County of Hefei issued the three penalty books respectively: "Xi Xi Gong (Xiao"), [2011] sixtieth, "Xi Xi Gong (Xiao"), "[2011] sixty-first" and "Xi Gong (Xiao") [2011] sixty-second ", respectively, on the basis of" failing to carry out the fire protection design record for stores "," the store did not carry out the completion of the fire fighting record ", and" the store did not enter the use and operation without fire safety inspection ". On the other hand, the Department of Andrea made the administrative penalty of" ordered to suspend business, fined 5000 yuan "," ordered to suspend business, fined 5000 yuan "and" ordered to suspend business and fined 30 thousand yuan ". 
 October 12, 2011, the public security fire brigade of Lujiang County of Hefei issued the administrative punishment book "No. 034 of Lu Gong (Xiao") No. [2011] ". The administrative penalty for" Andrea's department store "was" ordered to stop using and fined 30 thousand yuan "on the ground of" unauthorized operation of the store without fire inspection. " 
 except for administrative punishment, there has been a fire incident in Andre department store. At 9 a.m. on December 20, 2008, a fire broke out in more than 20 storey buildings at the Andre shopping center in Chaohu. The initial investigation was that workers were sparking by electricity during the construction process, but there were no casualties. 
 it is understood that the Andre shopping center in Chaohu is a comprehensive shopping mall founded by Lujiang andlee Trade Center in Chaohu for investment of about 30000000 yuan. In June 2003, Andre Lee bought Lujiang Chaohu commercial building for 11 million yuan, renamed Chaohu Andre shopping center, and reopened in December 28, 2003. This is the first time that a county level circulation enterprise in Anhui has acquired a municipal enterprise.