Hasen Shares IPO: Asset Liability Ratio As High As 75% Over The Warning Line Debt Structure Is Extremely Unreasonable.

< p style= "text-align: left > > a href=" http:// www.sjfzxm.com/news/index_x.asp "> Hasen < /a > commerce and trade (China) Limited by Share Ltd (hereinafter referred to as" Hasen shares ") recently prospectus, to be listed on the Shanghai stock exchange, the sponsor structure is Changjiang Securities. Hasen shares are mainly engaged in brand operation, product design, production and sales of high-end a href= "http:// www.sjfzxm.com/news/index_x.asp" > leather shoes < /a >. < /p >
< p > Hasen shares are at a high level of assets and liabilities, and the debt structure is very unreasonable. < /p >
< p > prospectus shows that from 2011 to 2013, the assets liabilities ratio of Hasen shares was 75.02%, 68.17% and 64.92% respectively. Although the assets and liabilities ratio has declined in recent years, it is still at a high level. At present, Hasen shares mainly rely on short-term loans from banks to alleviate the financial pressure caused by the rapid development of the company, so the asset liability ratio is relatively high. < /p >
< p style= "text-align: center > > compares the asset liability ratio of the listed companies in the same industry. The following table shows: < img border= "0" align= "center" alt= "" src= "/uploadimages/201407/14/20140714112035_sj.JPG" / > /p >
< p style= "text-align: center" > (data source: prospectus) < /p >
< p > as shown above, the combined asset liability ratio of the company during the reporting period is significantly higher than that of comparable industry listed companies. Moreover, from 2011 to 2013, the turnover ratio of Hasen shares was 1.13, 1.24 and 1.32 respectively, much lower than those of the industry average of 3.27, 3.50 and 3.52, and the quick ratio was 0.47, 0.44 and 0.52 respectively, while the average value of the same industry was 2.03, 2.34 and 2.34. The low liquidity ratio and quick ratio indicate that the company's short term solvency is insufficient, which constitutes a large financial risk to the company. < /p >
< p > as we all know, debt ratio is a very important financial index in the process of enterprise operation, and it is also the key data to measure whether the business is normal or not. The normal debt ratio of general industry enterprises is 30%-50%, some industries can be relaxed around 60%, and 70% of debt rate is generally considered as a warning line. Hasen shares had the highest debt ratio of over 75%. This has to attract investors' attention. < /p >
< p > the author carefully studied the prospectus and found that the debt structure of Hasen shares is very unreasonable. From 2011 to 2013, the total liabilities of Hasen's shares amounted to 840 million 440 thousand yuan, 868 million 620 thousand yuan and 921 million 780 thousand yuan respectively, of which the current liabilities were 840 million 270 thousand yuan, 868 million 580 thousand yuan and 919 million 760 thousand yuan respectively. The proportion of current liabilities to total liabilities of the company was above 99%, and the debt structure was very unreasonable. This undoubtedly aggravated the financial burden and liquidity pressure of the company. < /p >
During the reporting period, Hasen shares paid 20 million 939 thousand yuan, 25 million 183 thousand and 600 yuan and 20 million 419 thousand and 100 yuan for the high loan respectively, and the highest interest expense accounted for 20% of the net profit of the same period. < /p >
< p > and because of the high rate of asset liability, it is also common on the way of IPO. According to the public information released by Mona hosiery, the assets and liabilities ratio was 59.73% in 2009. Although it dropped from 79.37% in 2007, the listing dream was still shattered. < /p >
< p > Hasen stock company's brand and products are located in high-end leather shoes, facing the competition of high-end a href= "http:// www.sjfzxm.com/news/index_c.asp" at home and abroad. Whether the company can continue to develop in the future depends on the continuous innovation of enterprises. But the high rate of assets and liabilities may hinder the development of the company and cause unfavorable development. < /p >