Recently, Zhejiang UE Furniture Co., Ltd. (referred to as the & ldquo; UE Furniture & rdquo;) discloses a pre-IPO prospectus, this IPO is not more than 25 million shares, plans to raise capital of 274 million yuan. "Red Week" reporter read its prospectus at the time of discovery, the company's prospectus before and after the data Oolong, pay less social security exists, inflated production, cosmetic results and other suspect.

prospectus data own goal

We know that individuals pay social insurance premiums in addition to the outer part of the unit is also subject to a certain percentage of employees to purchase, and the results should be published only, but in Yongyi furniture prospectus, the reporter found that the amount paid for the expression of social insurance was inconsistent, there is a phenomenon of Oolong.

in the prospectus, YONGYI furniture in front of the expression social security contributions during the reporting period were the amount of 7.3755 million yuan in 2011, 2012, 5.9575 million yuan, 8.3236 million yuan in 2013, from January to June 2014, 5.5811 million yuan, however, later, when you introduce administrative expenses, the amount of social security costs in 2011 but changed to 7.2377 million yuan, 7.1243 million yuan in 2012, 8.5003 million yuan in 2013, from January to June 2014, 6.2312 million yuan, with the payment of Social Security corporate presentation each year the amount of deviation around the average, while in the January to June 2014 the amount of social security, social security company in the amount of wages payable presentation given earlier and the amount of deviation is given again, the current social security payment amount It became 5.5499 million yuan. For repeatedly changing social security contributions, as a listed company to apply its prospectus after a professional accounting firm audit still appear repeatedly like oolong, it is hard to understand.

alleged tax evasion and social security charges paid

prospectus, as of June 30, 2014, YONGYI furniture in 1774 were all registered employees paid social security. And by the prospectus of accrued wages tables show that from January to June, the current payment amount YONGYI furniture wages, bonuses, allowances and subsidies 46.0726 million yuan, the current social insurance payments in the amount of 5.5499 million yuan Social insurance premiums accounted for wages, bonuses, allowances and subsidies ratio of 12.05%.

According to relevant regulations, insurance companies individual workers base pay calculation, the general control between 60-300% on annual average wage of workers in the province, namely, real wages below last year the province's Workers Workers 60% of the average monthly wage, according to 60% of base pay approved; higher than last year the province's average monthly wages of 300%, 300% of base pay approved, the remaining workers declare the actual wages of the average monthly number of execution. In general, the real wages of workers, including hourly wages, piece-rate wages, bonuses, overtime wages, the wages paid under special circumstances, allowances and subsidies.

by the UE Furniture wages, bonuses, allowances and subsidies and the total number of registered employees shows that real per capita wage income of its employees was 4328.5 yuan / month, it is clear that this data is far more than a social security contribution base in Zhejiang Province in 2014 The lower limit 2230 yuan / month. That Yongyi furniture workers to pay social insurance should be the overall proportion of social insurance and real wage ratio, that is, the count was above 12.05%, but this ratio is lower than its severe payable ratio. According to the reporter, the ratio of the integrated unit pay part of Zhejiang Province is 24% ~ 25.5%. (Of which: 14% of basic pension insurance, basic medical insurance 7%, industrial injury insurance (base rate) of 0.5% to 2.0%, 2% unemployment insurance, maternity insurance 0.5%), even at the minimum 24% proportion of the comprehensive payment calculation, 2014 From January to June, the amount of YONGYI furniture should pay social insurance for their employees is 11.0574 million yuan, the actual amount paid compared to the underpaid amount of up to more than 550 million.

lack of real wages during the reporting period the amount of workers in other years, the amount of social security and Zhejiang UE Furniture unit by reporters actually paid by Social Security to pay part of the comprehensive lowest proportion of 24% to calculate the corresponding social security contributions base, and through Yongyi the number of paid social security furniture prospectus shows calculated average monthly Social Security tax base 1724.54 yuan respectively in 2011, 2012, 1214.66 yuan, 1690.13 yuan in 2013. Obviously, these figures are lower than the minimum social security contribution base, this also means that social security payments YONGYI furniture during the reporting period were not paid in full.

allegedly inflated production, cosmetic results

YONGYI furniture is a professional seat manufacturing enterprises, mainly engaged in office chair and massage chair seat body development, design, production and sales, and operates some of the features of the seat sofas and accessories business. Such production-oriented enterprises dependence on artificial strong production capacity can not do without artificial increase in the number, so if an enterprise production capacity increased rapidly, the number of production personnel will also increase, which is YONGYI furniture accounting for up to production staff 81.17% of the main reasons.

According to the prospectus shows that YONGYI furniture production capacity from 2011 to 2013 sofa of 33.33%, the function of the seat parts production capacity has not changed, chair massage chair body capacity by 11.11%, while the office chair capacity appears the surge, an increase of 115.38%, production capacity reached 140 million units, while production capacity utilization rate of the average office chair has reached more than 95%. However, what is puzzling is that YONGYI furniture registered number of employees increased by only 3 years 15.15%, including the increase in administrative and sales staff. Compared capacity and capacity utilization increased significantly, increasing the amount of the production staff is very illogical. Thus, the reporter might be suspected YONGYI furniture at inflated production, so as to achieve its inflated profits, cosmetic purpose performance. If no inflated Yongyi furniture production, then there should be big increase in labor time and labor intensity, which in turn means that labor costs increase, but the change to see staff salaries, but not obvious.

addition, according to the prospectus shows that the number of stock merchandise YONGYI also a lot of furniture, which in 2011 was 33.4757 million yuan, 46.7392 million yuan in 2012, 2013 was 49.594 million yuan, while in June 2014 to 45,726,700 yuan . From Table 4 below and marketing situation, the report period, the UE Furniture sales rate is very high, often more than 100% in sales and capacity utilization rates are very high, the number of inventory items should not be too much, after all stock will take a lot of liquidity, however YONGYI furniture stock amount is not only low, but also showing a rising trend, which is obviously not logical.

this point, we have reason to suspect the existence of the alleged inflated production, cosmetic results possible.

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