Winning numbers issued a prospectus of jewelry
Winning numbers issued a prospectus of jewelry
April 6, Qingming first day of trading after a small holiday, wholesale silver jewelry winning numbers issued a prospectus of jewelry, to be issued in the SME board 6000 million new shares, issued prior to 1.2 yuan per share, return on net assets of up to 37.49%. Diego high in the international price of gold, the domestic gold (1475.20,1.10,0.07%), unprecedented heat consumption market environment, you as the "Jewellery and related articles 2010 manufacturing industry vanguard enterprises" winning numbers for the market of natural jewelry attention. However, in reading the company prospectus publication, they found a lot of financial doubt, can not make a logical explanation.
Inflated revenue, consumption tax evasion
Prospectus the company cash flows of financial data show that in 2010 "to pay the taxes," the amount of net cash outflow of 158,681,100 yuan, while the balance sheet shows the end of 2010 amounted to 3.8338 million yuan tax payable subjects, when compared to early 2010 of 13.3318 million yuan net decrease of 9.498 million yuan, which means that the actual tax costs are incurred in 2010 amounted to 149,183,100 yuan (15868.11-949.8).
According to "Provisional Regulations on Consumption Tax of the PRC" requirement: "gold and silver jewelry, platinum jewelry and diamonds and diamond products" correspond to the consumption tax rate is 5%, "other precious jewelry and jade jewelry," Sterling silver jewelry corresponds to the consumption tax rate is 10%, while for " direct processing of taxable consumer goods commissioned for sale, no longer subject to excise tax. "
Winning numbers jewelry production in two ways, namely, factory production and contract manufacturing, contract manufacturing some of which mode of operation for the "non-standard products for the returns processing company, only to be branded the company standard products company imprint to sell. " This is inside the "Print note" of the process is very important, which determine the company's contract manufacturing products must go through further processing and should not be grouped into "direct selling" the scope of taxable consumer goods category, then the winning numbers should be for all jewelry operating income and pay the excise tax provision.
Winning numbers Jewelry 2010 operating income of 4.029 billion yuan in total, if all the tax rate by 5% consumption tax, the corresponding consumption tax is 2.01 million, Fashion silver jewelry even ignoring the company's urban construction tax, business tax, income tax and other taxes as many as 15 other types of expenses, was also significantly higher than those disclosed in the financial statements of the company's actual commitment to the tax costs.
This publication that there are two possibilities: 1, the financial statements inflated the company revenue; 2, the company will need to be treated as re-processing of contract manufacturing products in the "direct sales" and thus consumption tax evasion.
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