Shanying paper is accused of outstanding liquidity

2022-06-24
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Shanying paper is accused of outstanding liquidity risk, with a 1.9 billion M & a premium of 1.4 billion

release date: - relative elimination method: 10 source: Caijing editor in chief: Yujia browsing times: 8833 copyright and disclaimer

core tip: on January 8, the rating agency new century credit released the credit rating report of Shanying paper, with a credit rating of AA and a stable rating outlook

[China Packaging News] on January 8, the rating agency new century credit released the credit rating report of Shanying paper, with a credit rating of AA and a stable rating outlook

the rating report made in August, 2017 pointed out that Shanying paper has great pressure on immediate debt repayment and faces outstanding liquidity risk. The report shows that in recent years, the financing scale of Shanying paper has remained at a high level, and the debt maturity institutions are mainly concentrated in the short term. The company's asset liquidity is weak. In addition, the proportion of restricted monetary funds is relatively large, and the company has great pressure on short-term debt repayment

in July 2015, the rating agency Shanghai new century credit evaluation and Investment Service Co., Ltd. (hereinafter referred to as "new century credit") rated Shanying paper for the first time. After may2016, the main credit rating report provided by new century credit showed that "the pressure of short-term debt repayment is great, and the liquidity risk is prominent" began to steadily occupy the first place in the main risks of Shanying paper

according to the financial data, as of the first quarter of 2017, the monetary capital of Shanying paper was only 210million yuan, down 490million yuan compared with 2014. The rigid debt increased steadily from 4.849 billion yuan to 5.512 billion yuan, and the rigid debt in the consolidated statements exceeded 10billion yuan

it is worth mentioning that on December 21, 2017, Shanying paper announced that the company planned to acquire 100% equity of Fujian Liansheng Paper Co., Ltd. (hereinafter referred to as "Liansheng paper") in cash, with a total purchase price of RMB 1.9 billion

Shanying paper did not adopt the asset-based approach as the basis for this acquisition. On the contrary, Shanying paper adopted the income assessment method with higher premium, providing a higher valuation for the acquisition of Liansheng paper

on december28,2017, Shanying paper issued another announcement, which showed that under the asset based approach, Liansheng paper was valued at 480million yuan; According to the income method, the valuation of Liansheng paper is as high as 1.604 billion yuan, with a difference of more than 1.1 billion yuan. Shanying paper made it clear in the announcement that the main reason for the difference was that the asset-based approach could not independently consider the impact of policy support advantages, industry development prospects, geographical advantages, customer resources, internal management and other factors on enterprise value

it is worth mentioning that, on the basis of the income method evaluation, Shanying paper announced that the acquisition referred to the income method evaluation results. After friendly negotiation with the seller, it was determined that the transaction amount for the acquisition of 100% equity of Liansheng paper was 1.9 billion yuan, 296million yuan more than the income method evaluation results, and more than 1.4 billion yuan more than the asset-based method evaluation results

according to the data, Shanying paper only acquired Fujian Liansheng Paper Co., Ltd., which is the old base of Liansheng paper in Guanshan industrial zone. Construction began in 2010. Liansheng paper (Longhai) Co., Ltd., located in Fengshan Industrial Zone, jiaomei, is not included in the scope of this acquisition

the Guanshan industrial zone base of Liansheng paper industry was first constructed in 2006. At present, there are four paper machines with a design capacity of 840000 tons. After continuous transformation in recent years, the capacity has been increased to nearly 1million tons

at present, Liansheng paper has been changed into a limited company solely invested by natural persons, with a registered capital of 200million yuan. The legal representative Chen Jiayu holds 100% of the equity of the company. The 100% equity of Liansheng paper held by Chen Jiayu is the acquisition target of Shanying paper

besides Liansheng paper, Chen Jiayu is also a shareholder of 15 companies including Fujian Liansheng Industry Co., Ltd. and Liansheng paper (Longhai) Co., Ltd. Among them, Liansheng paper (Longhai) Co., Ltd. was established in july2010 with a registered capital of 560million yuan, penetrating the equity structure, and Chen Jiayu is the actual controller of the company

according to the 2015 annual report of China Paper Industry Association, the output of Fujian Liansheng paper industry exceeded 2.3 million tons, ranking seventh in China. According to this measurement, this has led to the emergence of the operating stress range. After the sale of 100% equity of Liansheng paper by RMB 1.9 billion, Liansheng paper (Longhai) Co., Ltd. controlled by Chen Jiayu still has a production capacity of more than 1.3 million tons. This also means that Shanying paper acquired at a high premium of 1.9 billion yuan, which is still the backward production capacity of Liansheng paper

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