129764786813125000_88Ruijin ready before the IPO track through the Audit Committee may not be an easy thing, most of their income comes from customers, has intensified to such a high degree of dependence on single customer enterprise risk. More serious are the significant related party transactions. These are not allowed and tolerated by the regulators and market correspondent Zhao Wenjia/textOn March 1, the SFC website of Ruijin packaging company limited (hereinafter referred to as "Austrian Ruijin") prospectus (Declaration of release). Prospectus shows that aoruijin shares to 76.67 million shares, as per cent of total equity after the release of 25%, raising capital of 1 billion, linyi, for production of 7.1 billion expansion project, the only top and bottom cover shangyu annual output of 700 million cans II projectBarrel projects, annual production capacity of 3 million 220L of Xinjiang tomato sauce. But the financing of China more after reading aoruijin's prospectus, found aoruijin sales revenue from the top five customers share of the operating income reached nearly 95%
diablo 3 power leveling, customer sales accounted for the largest proportion of revenue is more than 70%, and between the company and the greatest customer "deep"Related party transactions and disputes.
Customer concentration, these worries with respect to related party transactions, will be the impact of capital market of Ruijin road "stumbling blocks"? 70% income from Red Bull Ruijin was founded in 1997, is a professional engaged in the metal packaging products food and beverage development, design, production and sales of enterprises, mainly the production of food and beverage metal packageProducts, including drinks cans and food cans.
The IPO plans to issue 76.67 million shares, raise up to $ 1 billion funds, mainly used in the beverage can expand, top/bottom, such as expansion of production items. The financing of Chinese reporter discovered through prospectus of Ruijin, 2008, 2009, 2010 and 2011 1, aoruijin from the formerFive customer sales revenue share of the revenues of up to, 93.04%, 92.11%, and customer Red Bull sales accounted for the largest share of revenues should meet, 61.53%, 63.29%,, customer concentration of high concern. Especially on the largestSales of Red Bull, in the share of the revenue is more than 60%, is 70% even more than in January-September of last year. , Aoruijin on this explanation, and founder of the company and Red Bull for 17 years of history. In the process of long-term cooperation between the two sides, "the company relies on product quality, security, response speed, distribution, supplyChain of core competitive advantage should be, won the recognition and trust of Red Bull, Red Bull cans at all times ' main suppliers ' competitive position of advantage. "Ruijin red cans per cent proportion of total procurement volume of Red Bull energy drink cans remain above 90%, where aoruijin once before the 2004 Red Bull cans sole supplier. And aoruijin says "based on publicRecognized by the core competitive advantage of the Division and ensure their own fast-growing demand for tanks, Red Bull has been maintained on the company Red Bull cans purchase prices were relatively stable, and slightly higher than the other vendor's purchase price. "Although aoruijin has repeatedly emphasized that has many years of steady cooperation relationship with Red Bull, but so high customer concentration as well as dependence on sales of Red Bull, it containsRisk factors are self-evident. Ruijin itself admits that "even though the company has been adhere ' core customers and relying on each other ' model of development, with major customers, including Red Bull has formed a long-term and stable cooperation relations, but if our main customers due to their cause or final consumption of significant adverse changes in the market and lead to a sharp decline in demand for products,Company's operating results will be adversely affected. "In recent years, with increasing people's living standards in China, society is more concerned with the issue of food safety, impact of major events on food safety for food and beverage industry growing, even in extreme conditions can lead to market dominance of the food and beverage vendors down or into bankruptcy. For example, double sinkYear No. 3.15 was exposed during the "lean", double sinks products in the supermarkets around the results, sales were an unprecedented influence, the enterprise suffered heavy losses.
Shuanghui development in early March this year in the 2011 annual report disclosure, net profit was down 50%. Shortly before, aoruijin maximum customer Red Bull also faces two-sink opportunities also "circumstances���� On February 13 this year, Red Bull energy drink ingredients by aeration tank and the approval marking of food additives and related documents is not consistent, ingredients containing a country does not allow vitamin drink problems in the use of synthetic pigments, such as Carmine. Overnight, Red Bull in deep "additive Vortex", some parts of the country, including Guangzhou Carrefour supermarkets began toRed Bull under the related products, in food security a growing concern today, Red Bull energy drink in the face of crisis on par after double sink.
If Red Bull beverage mishandled the crisis will result in reduced packaging products purchase quantity, direct injury and operating capacity of aoruijin. Facing such situation, aoruijin also had to admit that, "Although the company's main customers are the food and beverage areas withStrong market position and high brand recognition advantage enterprise, but if the customer due to their own reasons, such as significant food safety events, will seriously damage its market reputation, sales will drop sharply, thus leading to the sharp decline in demand for products, the company operating results will be adversely affected. In addition, significant food safety events often have a knock-on effect, if the publicDivision main customers of other food and beverage companies significant food safety events, sales of the company's main customers are likely to hit, and thus have an adverse effect on the operating results of the company. "" Deep "related party transactions other than aoruijin on large customers rely on, there is a factor that analysts are concerned, the financing of Chinese journalists access to information, 2010-year in September, actual control of the Red Bull people YANBin Hong aoruijin and great Holdings shareholders ' equity matters reached agreement on aoruijin 8%, in November 2010, great great 8% stake in the holding company. Red Bull as the biggest customer of Ruijin and Ruijin operating income during the reporting period than in more than 60%. As a result, the rootAccording to the requirements, transactions between aoruijin and Red Bull will naturally constitute connected transactions. For related party transactions form, aoruijin, is in the last term on the basis of interdependence and cooperation, for good domestic broad prospects for the development of functional drinks market and ensure the sustained and rapid growth of demand for tanks, Red Bull actual control YANBin end in 2010In November by Hong-great Holdings owns 8% shares of Ruijin. Aoruijin said the business system of the company has the independence, integrity, independent business decisions, and has established a more streamlined and effective operation of the mechanisms of corporate governance, established include the associated transaction management systems, more comprehensive system of internal control, provides for significant related party transactionsApproval procedures, to ensure that related trade fair pricing and will not damage the interests of the company and its shareholders, but "company is not effective in the short term to reduce customer concentration, amount of related party transactions between the company and Red Bull's share in the revenues will continue to maintain a relatively high level. "And to the Ruijin cans of Red Bull purchase price higher than that of other beverage cans vendor purchase price"As companies accounted for more than Red Bull purchase of total beverage cans 90%, major cans of Red Bull suppliers
diablo 3 power leveling, corporate accommodation for Red Bull input level is far greater than the third-party vendor, company production distribution, response speed, the stability of product quality are better than the third-party vendor and, therefore, taking into account the foregoing transaction pricing mechanism of main influencing factors, for long-term and stable cooperation, Ensure that the company can continue to increase investment, optimize production layout, improved response time, ensure the stability of product quality to better meet the needs of their tanks to consider, Red Bull cans of purchase price for the company long remained relatively stable, but slightly higher than the third-party vendor, difference is 7.27%, and the prices have remained stable for several years, great greatHoldings holding company did not occur after any changes.
"O Ruijin road, disclosed in the prospectus. In addition, according to prospectus declare draft shows that aoruijin of major customer gross profit and gross profit margin of difference is huge. 2011 1 as an example, aoruijin in the Red Bull, jiaduobao, new radicals, want want, Fujian three sales and gross margin, respectively, and $ 484.04 millionWorth, $ 2.06 million, 3.97 million and $ 1.35 million; sales margin, respectively, 31.9%, 9.15%, and 3.2%. Comparison of visible, aoruijin sales gross profit margin is on the Red Bull 300% also of other customers. To the margin difference prospectus attributed its market position and profitability of customer products, pricing strategiesDue to factors such as differences. In the Declaration of release, Red Bull and aoruijin take a lot of space on stability, cooperation between the associated transactions of reason and rationality of expensive purchase, high gross margins.
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