New Australia Textile Tips Risks

< p > > the world's < a target= "_blank" href= "http://www.91se91.com/" > clothing < /a > a target= "_blank" href= "_blank".

< /p >

< p > according to the prospectus of Zhejiang new Australia textile Limited by Share Ltd, the risk is as follows: < /p >

< p > < strong > 1. The risk of import and export policy changes in the wool textile industry is less than /strong > /p >

< p > in terms of import policy, the implementation of import tariff quota management of wool and wool in China has not changed much in the past few years. The detailed rules for the implementation of the import tariff quota administration of wool and wool in 2014 stipulate that: (1) the import tariff quota for wool is 287 thousand tons; and the import tariff quota for wool tops is 80 thousand tons.

(2) import tariff quotas for wool and wool should be allocated first and first.

According to the quotas explanation of quotas issued by the foreign trade department of the Zhejiang Provincial Department of Commerce, the total quota of wool and wool in new Australia and 2013 and 7073.70 new tons were obtained.

< /p >

< p > after being examined by the State Administration of quality supervision, inspection and quarantine, the new neutralization meets the veterinary hygiene requirements of the enterprises engaged in the production, processing and storage of imported animal products, and the annual processing capacity and storage capacity of the imported raw wool are approved to be 10000 tons.

< /p >

In terms of export policy, in 2005, China and the European Union and the United States respectively reached the Sino EU memorandum of understanding on China's partial exports to Europe and the Sino US memorandum of understanding on textiles and clothing trade, aiming at reducing trade frictions with the EU and the United States in the year of P.

Since January 1, 2009, textile trade quotas have been abolished and textile exports have entered the stage of free trade.

At the same time, the "green barrier" formulated by the importers of wool textile trade is the main problem facing the export of wool textile products.

At present, nearly 40 governments have launched the environmental labeling system, and the textile environmental signs are mainly based on the logo of the international environmental textile association and European countries. It has a leading role in the world textile market, such as the OEKO-TEXSTANDARD100 standard of the international environmental protection textile association and the certification of ECO-LABEL (European Union eco logo).

< /p >

< p > at present, the raw wool required for the production of new neutralized wool tops is mainly imported from Australia and South Africa. The annual processing capacity and storage capacity of imported raw wool can meet the requirements of production. The company has passed the international certification of OEKO-TEXSTANDARD100 eco textiles, and pure wool yarn and wool products have been certified by ECO-LABEL (EU eco label), and export has not been restricted by importing countries.

If the import and export related policies of the wool textile industry will undergo significant changes in the future, it will have a certain impact on the supply of raw materials and the export of products.

< /p >

< p > < strong > two, new material and new product substitution risk < /strong > < /p >

< p > high-grade natural fibers, represented by wool and silk, have always been popular with people. The unique scale and helix structure of wool fibers make them possess excellent properties that chemical fibers can not replace. This is an important factor to enhance the competitiveness and added value of products and promote the development of wool products to the high-end market.

With the emergence of new spinning technology and wool modification technology, the wool textile industry has been constantly upgrading. Various intelligent, functional chemical fibers and wool blended have made wool's performance in the mass market outstanding.

< /p >

< p > however, in recent decades, synthetic fibers have developed rapidly to replace natural fibers as the main textile materials, and their products have been widely applied.

If people's consumption habits and personal preferences change significantly or the emergence of new technologies and new materials may have a certain substitution effect on the company's product market demand.

< /p >

< p > < strong > three, financial risk < /strong > < /p >

< p > (1) higher asset liability ratio and short term solvency risk < /p >

< p > < a > href= > http://www.91se91.com/news/index_c.asp > > Company > /a > the wool textile industry is a capital intensive and scale benefit industry. Besides, the company is in a period of rapid development, and the demand for capital is relatively strong. However, the funds needed for the production, operation and development of the company depend mainly on the commercial credit instruments such as accounts payable and bank loans, resulting in a higher asset liability ratio, a lower liquidity ratio and a quick ratio.

Although the company's assets turnover speed is relatively fast, the cash flow generated by business activities is good, at the same time, the interest guarantee ratio is higher, and the short-term debt paying ability is strong, but it does not exclude the change of macroeconomic environment in the future. Upstream suppliers can tighten credit or the downstream customers can extend the payment period, which leads to the short-term debt paying ability of the company being affected.

< /p >

< p > as of December 31, 2013, the original value of the non liquid assets used by the company and its controlling subsidiaries for property mortgage is 125 million 740 thousand and 100 yuan.

If the company has difficulty in capital circulation and can not repay bank loans on time, the bank may take coercive measures against the company, thereby affecting the normal production and operation of the company.

< /p >

< p > (two) the risk of net asset yield decline is less than /p.

< p > as of December 31, 2013, the net assets of the company were 502 million 450 thousand and 300 yuan, and the weighted average return on assets of the company was 23.58% in 2013.

The construction period of the "20000 spindles high-grade wool worsted ecological yarn project" is expected to be 2 years, and third years will be put into operation. In the same year, the production load will reach 70% of the design capacity, and the fourth year production load will reach 90% of the design capacity. The production load will reach 100% of the design capacity in fifth years.

In the construction period and the initial stage of production, the fund raising investment project contributed less to the growth of the company's performance; the scale of the net assets of the company increased significantly after the stock raising and raising funds were in place, and the profit growth rate in the short term would be less than the increase of net assets.

Therefore, the company has the risk of declining net asset yield.

< /p >

< p > < strong > four, and the risk of implementation of the fund-raising investment project < /strong > /p >

< p > the fund-raising investment project is "20000 spindles high-grade wool worsted ecological yarn project" and "repayment of 100 million yuan bank loan project". If the fund is put in place in time, the project can be implemented smoothly, which will increase the company's high-end product capacity and enhance market competitiveness, and enhance the enterprise's ability to resist risks.

< /p >

< p > after the capital raising investment project has been put into operation, the company has increased its spinning production capacity by 20000 spindles / year, effectively improving the product structure of the company, and better meeting the market demand. However, relative to the existing production and sale scale of the company, the expansion of production capacity will put forward higher requirements for the company's market development capability.

< /p >

< p > after the investment fund is put into operation, the scale of the fixed assets will be further expanded. The depreciation cost of the new fixed assets will be about 21 million 810 thousand yuan per year. Although the expected revenue of the investment projects is good, the profit growth of the new business revenue will be enough to offset the increase of the depreciation cost, and the company's current profitability can also effectively absorb the depreciation of the fixed assets. However, if the project fails to achieve the expected sales after the completion of the project, it will have a certain impact on the company's business performance.

< /p >

< p > < strong > five, the risk of improper control of actual controllers < /strong > /p >

< p > the actual controller of the company is Mr. Shen Jianhua, who owns 23.78% of the company's shares directly, and shares 51% of the controlling shareholder of the new Australia industrial control company. Therefore, Mr. Shen Jianhua holds the right to vote for the company's first 74.78% of the issue.

Although the company has established related party pactions to avoid voting system and independent director system, the controlling shareholders and the actual controllers may still use their controlling status to exercise improper control over the company's personnel appointment and removal and business decisions through exercising voting rights, thereby damaging the interests of minority shareholders of the company and the company.

< /p >

< p > above all, there are many influencing factors. The issuer will face the joint action of many risk factors, such as "a href=" http://www.91se91.com/news/index_s.asp ">" /a "and" finance "from the macro, industry and company.

< /p >