In January 9, 2020, the Eighteenth Annual Examination Committee of the China Securities Regulatory Commission issued the tenth and 11 audit results in 2020. The results showed that the IPO of Beijing's Carmen apparel Limited by Share Ltd (hereinafter referred to as "Carmen costumes") was not the first to become the first enterprise in 2020.
At the same time, Xiangyang Changyuan East Valley Industrial Limited by Share Ltd (hereinafter referred to as "Changyuan East Valley"), Jingke electric power Polytron Technologies Inc (hereinafter referred to as "Jingke power"), Ningbo Bo Hui chemical Polytron Technologies Inc (hereinafter referred to as "Bo Hui shares"), Qingdao cool special intelligent Limited by Share Ltd (hereinafter referred to as "cool special intelligence") four enterprises A shares IPO through the audit.
In 2020, the first enterprise was dressed as a Carman dress: it was punished by brush and so on.
In 2020, the second trial conference, "the failure of Carmen clothing", became the first enterprise in the first year of the year.
Capital state learned that Carman clothing is a high-end and children's clothing business, mainly engaged in research and development of children's clothing, supply chain management, operation and promotion, direct sales and affiliate sales and other core businesses. The company's products involve 0-16 - year-old (mainly 2-14 years old) children's clothing and underwear socks and other related products. The company's business covers children's clothing design, procurement and sales of all major links.
Photo source: prospectus
Financial data show that the company's revenue in 2015 -2018 was 385 million yuan, 402 million yuan, 548 million yuan and 329 million yuan in June, respectively. The corresponding net profit for the same period was 30 million 988 thousand yuan, 37 million 105 thousand and 200 yuan, 54 million 617 thousand and 500 yuan and 39 million 106 thousand and 400 yuan respectively.
In fact, the failure of Carman's costume may have been "signs". Xiaobian noted that Carmen's clothing had been issued a warning letter because of the brush list, defective inventory and so on.
The SFC found that in the process of applying for initial public offerings and listing, the SFC had problems such as washing and buying goods, imperfect internal control of fixed assets, payment of personal accounts or expenses, failure to fully offset the unrealized profits of internal transactions, inventory and its impairment.
The above acts violate the relevant provisions of the fourth, seventeenth, twenty-third and twenty-fourth regulations governing the management of initial public offerings and listing, which constitute the act specified in article fifty-fifth of the measures for the administration of initial public offerings and listing. In accordance with the provisions of the fifty-fifth regulation on IPO and listing, the SFC decided to adopt the administrative supervision measures to issue the warning letter to the company.
At the trial meeting, the SFC also paid attention to the problem of brush list and inventory impairment and so on. The SFC was concerned about the comparable situation of the company's revenue and the same industry. Its own brand income accounted for the core competitiveness and inventory of the company.
Specifically, the SFC noted that during the reporting period, the company had problems such as washing and buying goods, the imperfect internal control of fixed assets, the payment of personal accounts or expenses, the failure to fully offset the unrealized profits of internal transactions, inventory and the provision of impairment.
(2) the reasons and reasonableness of the capital transactions between the actual controller Cao Shengkui and the natural person's first half and Ma Changhai, whether there is a profit transfer or other interests arrangement; whether the relevant fixed assets accounting is true and accurate; (3) there are still reasons for using personal account payment or replacement fees until June 2019, and whether the relevant internal control system is sound and effective; (4) the related historical accounting treatment, asset and liability recognition, and the adjustment of accounting error period, whether it meets the requirements of the accounting standards for enterprises; the impact of the misstatement on the financial condition of the reporting period; (5) whether the internal control in the reporting period is defective, and whether the basic accounting work is weak. In this regard, the SFC asked Carmen representative to explain: (1) the basic situation of the foregoing questions, take
It is reported that Carman clothing during the reporting period, operating income continued to grow. The SFC asked the company representative to explain: (1) the reason and reasonableness of the sustained growth of operating income, whether it is consistent with the situation of the industry; (2) the sale of terminal products and the end inventory of franchisees, whether there is a situation of joining the shops, adjusting the income for the company, and so on; (3) whether the reason for the rapid growth of the direct electricity supplier is consistent with the trend of comparable industries in the same industry; the process of the sales and refund of the electricity supplier, the conclusion of the IT audit, whether there is an abnormal situation of online browsing and placing customers.
The SFC is concerned about the main products of Carmen's clothing for children's wear, including its own brand, authorized business brand and international agency retail brand.
In view of this, the SFC asked Carmen dress representatives: (1) explain the reasons for the authorized business brand's operating income increasing year by year, the proportion of private brand income decreasing year by year, and whether it is in line with the industry practice; (2) combining the twenty-one international brands which are not related to the international retail agency business, and signing the long-term cooperation agreement, and the Haggis children's wear brand licensing license will expire in December 31, 2020, explain the stability and sustainability of the cooperation between the company and the relevant brands; (3) combine the above situation, explain the core competitiveness and sustainable operation ability of the company.
In addition to core competitiveness, the inventory of Carmen apparel has also attracted much attention. At the end of the reporting period, the company has a larger stock balance.
The CSRC asked Carmen representative to explain: (1) the reason and reasonableness of the larger and faster growth of inventory commodities in the reporting period; the proportion of inventory accounts for more than 1 years is about 30%, indicating its main components, whether there is a difference between the unsalable products and the comparable companies in the same industry; and (2) the specific way to prepare the inventory depreciation for various products and different age stocks, and whether the provision for inventory depreciation is adequate.