129836519624218750_328Wo Fung pastoral disclosed doubts is covered with "blank examination paper hero" attention
By Zhang Tiesheng as the sixth-largest shareholder of Liaoning Wo Fung pastoral company limited are now entered the stage of pre-disclosure prior to the IPO, but when summer comes, for rich harvest and animal husbandry, but seems to be one problem after another, even by the media catch SB. on the raw, such as regulation of profits, losses and four companies feed failed, and so on, a number of issues were high on the desktop. For journalists seeking or laterDo not have access to the company's late reply. Its fate in the future, reporters will continue to track concerns. Wo Fung pastoral is not denying that adjust the profit once the "blank examination paper Heroes" Zhang Tiesheng as sixth largest shareholders of Wo Fung pastoral in Liaoning, thus being the concerns of the community. In recent days, and the media, is in the stage of pre-disclosure of Liaoning Wo Fung pastoral company limited, suspected of using low-price related partyEasy to adjust the profit of more than 20 million Yuan, its IPO on suspected irregularities. Journalist contacts brought Wo Fung pastoral, wish to verify the authenticity of the reports, but as of press time, Wo Fung pastoral has not given any reply. Reporters read the report carefully and discovered, that reports the conclusions above, comes from the researcher of Wo Fung pastoral unilaterally under the prospectusAnalysis of, and did not reflect the attitudes of Wo Fung pastoral in this conclusion, and to be able to support the above conclusion of important market price data not expressly. Such reports inevitably partial. Journalists for the purpose to research the authenticity of news, check the prospectus Wo Fung pastoral, and contacted the media reception Department of the company. June 5 reporter Wo Fung pastoral review prospectus(Declaration of release), the statement displays: in December 2009, biotechnology as Jin Weidong (the largest shareholder of the company) subsidiary, so purchase transactions between the company and biotechnology constitute connected transactions. Companies signed an agreement on December 31, 2009 and bio-technology, the two sides agreed: as of January 1, 2010 to December 201131st purchase of biotechnology feed additives, prices are determined based on cost of production plus a reasonable profit. The report points out: "rich harvest ranching and biotechnology related party transaction pricing lower than market prices. "For example, baokang enzyme of biotechnology to sell to rich harvest and animal husbandry, its not a Wo Fung pastoral association 2009 sales price above the market price, 2010 years after becoming a Wo Fung pastoral Associate sales price and the market price of the basic line. Bio-technology to sell to rich harvest and animal husbandry and the other two types of sweeteners and stomach acid, 2009, 2010 sale price is below the market price. Rich harvest and animal husbandry, in 2010, the bio-technology company to purchase the stomach acid and sweeteners purchases will only be $ 2 million, but, If the market price purchase, the company will reduce the profits of $ 1.24 million. Accordingly, the report quoted the bounden duty of the international accounting firm of Accountants Lo, pointed out: according to, Wo Fung pastoral associate low price of only $ 2 million purchase increases the profit of $ 1.24 million, according to this ratio, during the reporting period, at least adjust the profit of more than 20 million Yuan�� Also pointed out: during the reporting period, Wo Fung pastoral associate purchases nearly $ 60 million, and most of the related-party transaction prices are lower than the market price. Reporters read the report found that enzyme is the White Heron, the stomach acid, sweeteners market price at the time was how much the report no mention. "Rich harvest ranching and biotechnology related-party transaction pricing belowFarm prices. "This reference does have a reasonable price? To this end, the reporter reviewed the prospectus carefully. Show the prospectus 2009 hefeng livestock procurement to the biotechnology company White Heron enzyme at an average price of $ 26.72/kg
TERA Power Leveling, and the market price of $ 20.8/kg; 2010 1 Wo Fung pastoral to the biotechnology company procurementStomach acid at an average price of $ 12.84/kg, and the market price is $ 18/kg; earlier Wo Fung pastoral purchase sweeteners to the biotechnology company's average price of $ 13.76/kg, market price of $ 26/kg. Prices of these views coincide with the media, that is, referred to in the media that "Wo Fung pastoral regulated profit" areAccording to. On Monday, contacted the media reception of Wo Fung pastoral sectors, raised the issue in an e-mail message: "there are media reports, based on the analysis of your company prospectus, you suspected transactions regulated profit associated with low price, how do you evaluate? "Miss Wang in the sector after receiving the e-mail, told a press conference, has to submit the questionTung to the Company Secretary, wait for a response. But as of press time, journalist contacts Miss Wang, ask the company for the answers to the questions, but miss every time you are notified in a mild tone: "do not receive a reply. "Subsidiaries not to comment in advance stages of disclosure for a rich harvest losses for livestock
SWTOR CD-key, can truly be" one problem after another ". Reporters access to various media reports found that recent Wo FungAnimal husbandry of catch SB. on the raw report is coming. Another media report said: "Wo Fung pastoral delay in rapid expansion, one-third subsidiary of mismanagement. "The report points out that: (Wo Fung pastoral) prospectus shows, Wo Fung pastoral speed up Happy Valley enclosure from 2009 to 2011, but effectiveness is not high, with as many as 22 subsidiary companies in operating loss or profit, which makesIts net profits of far less than operating income CAGR compound annual growth rate; and expansion was accompanied by high inventories, mobile asset proportion of its stock has more than half of last year, higher than the industry. Wo Fung pastoral reporters read the prospectus, found in its 59 subsidiaries, there are as many as 16 subsidiaries 2011 annual net profit is negative. Offer descriptionBook at the same time also disclosed that subsidiaries in 22 out of loss or profit, 2 subsidiary arrangements according to the company's business strategy, has not begun production produce only a little fee. 2 subsidiaries is the rich harvest in Beijing and Shenyang hefeng feed. For such a number of subsidiaries in a State of loss or profit, prospectus explains the main reasons: (1)In the construction period, has not begun production, and (2) has begun production, but in early-stage, and (3) under the arrangement of business strategies, not only produces a little cost of production and management. Number 17 above design subsidiary, 77% per cent of total number of loss-making subsidiaries and profit. Explained clearly and above media analysis is not very consistent. Result in up to 1/3Causes of loss or profit of subsidiaries, reporters raised the issue in the e-mail to the company: "media reports considered, due to the rapid expansion of your company led to poor management or loss one-third company. Causes of loss, whether you agree with the media? "Wo Fung pastoral also does not answer the question. Feed is not good to eat is no reason? Rich harvest and animal husbandry exists not onlyOf subsidiary's loss problems, issues and there's also a subsidiary product is not eligible. According to the Henan media, Henan Kaifeng County farmers should have been raised in a broiler shed have 45 days 53 days haven't "grown up", after eliminating factors, his use of feed is not eligible. After sampling the local livestock Council, a feed samples sent to Henan province University animal nutrition and feedingTest Center for testing. Test results showed that methionine content in feed for 0.24, but feed is clearly marked on the packaging label: methionine 0.35, while the production of the feed manufacturer is Wo Wo Fung Fung pastoral subsidiary
Diablo 3 gold, Henan. Media calls for these events, a manager at Henan hefeng responded that, the company's results do not agree, because it is feedingGrandparent will test it myself, rather than County animal husbandry Bureau sampling to detect, and stressed that the company product ex-factory self test is qualified. However, the Henan power law firm lawyers believed that as long as the animal husbandry Bureau sampling feeds, no matter who sends, detection units as long as the regular test center, test results should have the force of law. Despite the dispute by the Henan Wo FungDealer given a certain "compensation" to settle, but there is a rich harvest livestock feed products quality problem of negative effects will not completely fade away. Prospectus shows, Wo Fung pastoral feeds of business income over revenue of 75%, is the main business of the company. Once the business has been affected, will not benefit the growth of company performance. Moreover, this incident also reflected,Wo Fung pastoral subordinate branches, to manage and regulate the difficult, facing a high risk of management of the company. Story on the above feed is not eligible, naturally not mentioned in the prospectus. Thus, reporter Wo Fung pastoral this issue should be submitted to: "on your feed unqualified reports so as to cause the chicken to be grow up, how do you explain? "The problemWo Fung pastoral response has not been received. [Scroll] Dato Timothy:APEC will continue to play an important role in the region (06-08) [scroll] frequent quality children's wear Enterprise trapped test standards (06-08) [scroll] luxury jewelry how to implement "brandHigh premium "(06-08) [scroll] lithium battery electric car accident set off a crisis (06-08) [scroll] controversial agricultural insurance business positioning (06-08) [scroll] implementation of new standards was imminent crisis facing children's furniture inventory (06-08)[Scroll] capital rules to delay relief for the Bank (06-08) [scroll] UCC coffee out of system management (06-08) [scroll] Xiamen tungsten co stealth control over the world's largest tungsten mine?
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