Hi-Tech Rubber And Plastic Travel Accounts Far Ahead Of Their Peers.

< p > < strong > accounts receivable accounted for nearly 40% < /strong > < /p >.

< p > prospectus shows that as at the end of 2013, the net accounts receivable of hi-tech rubber and plastics reached 137 million 476 thousand and 700 yuan, accounting for 39.01% of total assets.

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< p > however, this is not the time when the company accounts for the highest proportion of accounts receivable. As early as 2012, the proportion of total accounts receivable contribution to assets of the company was as high as 47.04%, when net receivables amounted to 123 million 407 thousand and 800 yuan.

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< p > in fact, the net accounts receivable at the end of 2011 had reached 93 million 462 thousand yuan, accounting for 37.80% of total assets.

The company admits that in general, accounts receivable amount is large and showing a trend of sustained growth, which accounts for a higher proportion of total assets.

Reporters found that this ratio far exceeded the standard of the same industry.

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< p > we can see that the proportion of accounts receivable in total assets of the same industry is generally below 30%, while the ratio of high and new rubber and plastic products tends to be around 40%, or even as high as 47%.

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< p > Liu Zhigeng, a senior accounting register member, said that accounts receivable account for a high proportion of total assets, which is easy to cause financial difficulties for enterprises. At the same time, it is also necessary to prepare bad debts and reduce the efficiency of enterprises.

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< p > for this purpose, the high-tech rubber and plastic company indicates that the credit period that the company gives the customer usually lasts about three months. The main reason for the increase in accounts receivable at the end of the reporting period is that the company's business scale continues to grow.

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According to < a href= "http:// www.91se91.com/news/index_c.asp" > prospectus < /a >, the company's 2012-2013 year operating income is 475 million 758 thousand and 800 yuan and 540 million 605 thousand and 900 yuan in succession, the growth rate is 10.25% and 13.63% respectively, while the growth rate of accounts receivable in the same period is 32.04% and 11.40% in the same period. P

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< p > while accounts receivable remains high, the proportion of accounts receivable accounts for high accounts receivable increased year by year.

According to the pre disclosure information, accounts receivable accounts for 2-3 years increased from 2011 at the end of 2013 to 0.51% at the end of the year of 2-3.

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< p > at the same time, the company's < a href= "http:// www.91se91.com/news/index_c.asp" > accounts receivable < /a > turnover rate decreased year by year, in 2013 the company accounts receivable turnover rate has dropped from 4.82 times in 2011 to 4.24 times.

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< p > < strong > < a > href= > http:// > www.91se91.com/news/index_c.asp > travel expense < /a > accounting for far more than peers > /strong > /p >

< p > it is worth noting that the cost rate of high-tech rubber and plastics is also slightly higher than that of peers.

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< p > prospectus shows that the cost of the company during the period of 2013 reached 71 million 650 thousand and 700 yuan, accounting for 13.25% of its operating revenue.

This is nearly 3 percentage points higher than the industry average of 10.54%.

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< p > in fact, the period cost rate of high tech rubber and plastic has been very high, and it has been increasing year by year. The annual cost rate of the company's 2011-2012 years is 11.07% and 12.54% respectively.

In the same period, the cost rate of Dewei new material was only 8.96% and 9.93% respectively.

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< p > reporter noted that the most obvious increase in the cost of the company in 2013 was sales expenses, rising from 20 million 938 thousand and 500 yuan last year to 27 million 442 thousand and 700 yuan, an increase of 31.06% over the same period last year.

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< p > and the biggest increase in sales expenses is travel expenses, up to 10 million 930 thousand and 100 yuan, an increase of 3 million 264 thousand and 500 yuan compared with the same period, an increase of 42.6%.

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< p > reporter queried the data of the same industry company, and found that the proportion of moral travel expenses of hi-tech rubber and plastics far exceeded that of peers.

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< p > annual report shows that the proportion of travel expenses of golden year technology, Silver Jubilee technology and Dewei new materials in 2013 is 6.5%, 13.3% and 3% respectively.

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< p > this reporter called the high tech rubber and plastic company to understand the company's travel expenses, and its secretaries staff refused to reply on the grounds of "silent period" and said that all information was presented in the prospectus.

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< p > however, the reporter turned over the prospectus and did not find an explanation related to the surge in travel expenses.

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< p > for this reason, Liu Zhigeng believes that there may be changes in the sales system, such as the reimbursement of accommodation, pportation expenses and the increase of travel allowance.

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< p > when reporters asked about the impact of this change on the company, Liu Zhigeng said there was no doubt that it would reduce the company's performance.

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