129773903170156250_43Shunfa hengye low interest rate loans upon the lender shareholders interests
Shun Heng (000631. SZ) 2011 annual report released shows that company amounts due within 1 year of the top five in long-term borrowing
tera gold, four are from universal finance limited. In April 2010, August 2010, September 2010, October 2010, universal finance limited to shun the constant industry provided a total of 4 two-year loan,Loan interest rate ranging from 5.542% per cent. Data show that universal finance limited silver complex approved by the people's Bank of China, consists of 2 universal group company, universal Qian Chao (000559. SZ), universal farmers limited, universal Denon (600,371. SH) jointly funded, the registered capital of $ 1.2 billion. Among them, wanxiang groupCompany-funded $ 793 million, accounted for more than 66.08%; contribution $ 214 million to Qian Chao, 17.83%; to agriculture, limited funding of $ 115 million
tera power leveling, versus 9.58%; universal Denon financed $ 78 million, less than 6.5%. Universal finance limited at a lower interest rate loan to shun the constant, serious damageTo the other listed shareholder interests such as Qian Chao? Shunfa constant when it is released on universal Ltd signed the framework agreement on financial services notice of related party transactions, "said financial services pricing by countries on financial regulations to implement
tera gold, both sides strictly follow the fair market price within this range, in principle, is not higher than the market price or of independent third-party fees, Pricing and other key provisions of the transactions must be parties to the agreement are fair and reasonable, no party shall not damage the interests of the other party of this agreement ". However, the pricing of the related transactions pursuant to strictly follow the fair market price? In 2010, its five bank loan interest rate of 5.4%, 1-3, and to provide the finance to ShunHengye four tranches in the maximum amount of a loan has been close to lower limit interest rates on bank loans that year. Year term Yuan of bank loans with interest rates like this, let alone non-bank financial loan interest rates over the same period. To belong to Zhejiang to engage in sunny facility guarantees loans (600,830. SH), for example, a delegate of the end of March 2010 the company loansContract show, on March 31, 2010, the company signed with the Bank of Ningbo lingqiao branch, Hongye building signed the loan contract, the company will own capital of 50 million Yuan commissioned construction of Ningbo lingqiao branch bank lending to the Acer, loan periods a year, 12.5 months interest rate of loans, annualised interest rate of 15%. In addition, sunny accommodation 2010 granted ZhejiangNorth West Hua Jiang engineering research and Design Institute, Shanghai Tang real estate Ltd, Changxing Zhenyu materials trading company and other units of the loan interest rate is 18%. And to Zhejiang listed company specializing in real estate development, Zhejiang guangsha (600,052. SH) for example, Zhejiang guangsha 2010 financial data shows that in 2010 from the Sino-Australian international trustLimited company in 2-year loan, annual interest rate of 7.94%. Large real estate vanke a (000002.SZ), although not published its 2010 Bank loan interest rates, but its early 2010 release of two trust loan interest rate of 6.65%, issued by the second half of 2010 annual interest rates of the two trusts were 10%And 11%. Journalists pay attention to the number of real estate annual report also found that since 2010, real estate long-term borrowing rates to rise significantly, real estate financing costs higher. However universal financial payable to Shun hengye 4 loan annual interest rate is bucking the weaker, it is hard to understand. Universal universal Qian Chao and universal financial shareholders Denon are listed companies. Universal Qian Chao2011 net profit of 465 million dollars, universal Denon 2011 conservatively estimated to be $ 63 million in net profit. 2011 performance compared the two companies had risen. For growing companies, critical to the fate of each Fund, and whether universal financial alleged prejudice to the interests of its shareholders, to contrary to the fair market price of standard loans to ShunHengye, reporters will continue to be concerned about.
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