When evaluating this stock issue, investors should consider the following risk factors in addition to other information provided in this prospectus:
1. Operational risk
(1) Supply and price of raw materials
The company's main raw material is corn, the cost of which accounts for 36% of the production cost, and the supply comes from the Central Plains, North China and Northeast China; The bulk auxiliary raw materials are liquid ammonia, soda ash and sulfuric acid, accounting for 5.8%, 3.8% and 2.8% of the production cost respectively. If the output, market price and supply channels of the above raw materials change, it will have a certain impact on the company's product production and operating performance.
(2) Dependence on major customers
The company's main customers are distributed in North China, Northeast China, East China, South China, Southwest China and Northwest China, including 365,438+0 customers with annual sales of over 65,438+0 tons and 65,438+08 customers with annual sales of over 500 tons. The changes in the operating conditions of these major customers will have a certain impact on the company's production and operation.
(3) Energy consumption
The energy consumed by the company's production is mainly electricity and steam. Production electricity is provided by Xiangcheng Electric Power Bureau and Municipal Thermal Power Plant; Production steam is provided by Xiangcheng Thermal Power Plant. The supply and price changes of electricity and steam will have a certain impact on the company's operating performance.
(4) Transportation
The transportation modes of our company are railway transportation and road transportation. Policy changes in the transportation sector, rising oil prices, increasing highway toll stations and rising railway freight rates will all have a certain impact on the company's product costs.
(5) Product price
The price of our products is completely influenced by the market. The change of market supply and demand and the intensification of competition will make our company face greater price risks.
(6) product structure
The company has been focusing on the production of monosodium glutamate for many years. Although it is ahead of other similar domestic enterprises in terms of production technology, production capacity and market share, there are also risks of centralized industrial structure and single source of income and profit.
(7) the limitation of financing ability
The company's existing financing channels are mainly bank loans and commercial credit, especially relying on the host bank, which has certain financing capacity restrictions.
(8) the limitation of natural conditions
The company is located in the eastern Henan plain, rich in agricultural resources, and is one of the main producing areas of wheat and corn in China. Shaying River and Fenhe River flow through this area, and the groundwater resources are rich, which is beneficial to the production of monosodium glutamate. In recent years, the production of monosodium glutamate consumes a lot of water, the groundwater level drops, and the high temperature weather in summer will also have a certain impact on monosodium glutamate fermentation.
2. Industry risks
(1) Environmental protection factors
The company will produce wastewater pollution in the process of monosodium glutamate production, and it must be treated up to standard before it can be discharged. The company has always attached importance to environmental protection. Starting from 1995, the sponsor invested10.50 billion yuan to build the first and second sewage treatment projects. During the menstrual period of 1997, all the indicators of wastewater discharge were qualified and reached the national standard after the acceptance of ENDA (1997 (No.793). However, with the improvement of environmental protection standards in the future, the company will further increase investment in environmental protection, which may increase product costs and affect profitability.
(2) Industry dependence
The main raw materials for monosodium glutamate production are corn, liquid ammonia, soda ash and sulfuric acid. Therefore, the company's production development depends on the stable development of agriculture and chemical industry, and the changes in these two industries will affect the company's benefits to varying degrees.
(3) Industry competition
Monosodium glutamate is a popular consumer product with a large demand. Therefore, domestic similar enterprises have expanded their scale, improved their production technology, reduced their costs and even lowered their prices. Increased competition in the same industry may affect the company's product sales. At the same time, the import of foreign monosodium glutamate products also has an impact on the company's products.
3. Market risk
(1) business cycle
Due to the current consumption level and habits in China, the production and sales of monosodium glutamate products will change in different seasons. As far as the company is concerned, the maximum production and sales of monosodium glutamate is from 10 to the following year 1 month; The production and sales of monosodium glutamate were the lowest in February-May; Production and sales are in the middle from June to September.
(2) Market capacity
At present, there are more than 60 monosodium glutamate production enterprises in China with a production capacity of 600,000 tons and an actual production capacity of 500,000 tons. The company's target market production capacity is 6.5438+0.8 million tons and the production capacity is 6.5438+0.2 million tons. The market is selling well. However, it is undeniable that the intensification of domestic competition, the import of foreign products and more and more condiments on the market will have an impact on the company's target market.
4. Policy risks
At present, the company income tax enjoys the preferential policy of "first levy and then return", and the actual tax rate is 15%. If the national macro-control policies such as agriculture and taxation change, it will have a direct impact on the company's operating performance. In addition, if China joins the World Trade Organization, a large number of foreign products will also have a certain impact on the company's products.
5. Risks of investment projects
The funds raised by the company are mainly invested in technical transformation projects (see Part VI "Use of Raised Funds" in this prospectus for details). The future development of our company depends largely on the smooth implementation of these projects. Therefore, although all projects have been fully demonstrated by experts and approved by relevant departments, there may still be risks such as delayed implementation of technical transformation projects and budget overruns.
6. Controlling risks by major shareholders
The major shareholder of the company is lotus gourmet powder Group Co., Ltd., which controls 66.67% of the company's shares after issuance, and has control over the company's business decisions and personnel, and its decisions will have an important impact on the overall development of the company.
7.M&A risk
The company plans to merge Anyang Tangyin Corn Comprehensive Utilization Experimental Factory, and use the raised funds to implement technical transformation to reduce costs and expand Zhang Zhilu. Because the preferential policies enjoyed by the merger have not yet been specifically implemented, the implementation of the plan still needs a process, so there are unpredictable risk factors in the implementation progress, technical transformation cost and the realization of expected benefits.
8. Stock market risk
The stock market is changing rapidly, changes in political and economic policies and speculation in the stock market may make the stock price deviate from the actual operating performance of the company, thus causing losses to investors. Investors should be fully prepared for this when making investment decisions.
In view of the above risk factors, the Company takes the following measures to protect the interests of investors:
1. Management risk countermeasures
(1) In view of the risks of raw materials, the company has now established three major grain purchase and sale networks in the Central Plains, North China and Northeast China, including 40 grain-producing areas. On this basis, we are committed to the time difference and regional differences in food management. At present, the supply of soda ash and liquid ammonia in China exceeds demand, and their sources are more assured. Especially after the 60,000-ton liquid ammonia technical transformation project was put into production, the supply of liquid ammonia was more adequate.
(2) In view of the risk of relying on big customers, the company's countermeasures are as follows: always solicit customers' opinions, improve service quality, and close the relationship between the company and customers; Timely help customers with operational difficulties; Adjust the marketing strategy in time, so that customers can get more profits by operating the company's products; At the same time, develop new customer resources with high-quality products and services.
(3) In view of energy consumption risks, the company will comprehensively carry out energy conservation and consumption reduction work to reduce production costs. At the same time, the biogas produced by anaerobic treatment of starch production wastewater can be used as new energy, applied to the drying part of monosodium glutamate production, and can also be used as domestic gas.
(4) In terms of transportation, with the expansion of the company's sales market, road transportation is close to saturation. In order to reduce the transportation cost, the company will greatly increase the railway transportation volume in the future. The company has established contact with Zhengzhou, Wuhan and other railway bureaus, and set up rail transit stations in Zhengzhou, Kaifeng, Luohe, Zhoukou and Xiangcheng to ensure smooth railway transportation.
(5) In terms of product price, the company will adopt brand-name pricing strategy to keep the product price basically stable. At the same time, measures are taken to reduce costs, improve the construction of sales network, coordinate the relationship between local departments through dealers, and stabilize and expand product sales. After the test of the price reduction trend in the past three years, the company has successfully maintained a steady increase in sales volume and will strive to maintain this good momentum.
(6) In terms of product structure, while further strengthening the production of monosodium glutamate, the company uses the rich local agricultural and sideline products resources and the wastes in the company's production process to develop new products, such as natural condiments, high-fiber complete feed and yellow powder refining projects that the company will soon put into production. Can make full use of the company's existing resources and avoid the waste of raw materials; It can also achieve the purpose of adjusting product structure and dispersing risks. At the same time, these products conform to the development trend of the market and have good economic benefits.
(7) In view of the risk of financing ability, the company will make full use of direct financing channels in the capital market to operate capital while making good use of bank loans, expand the company's scale and maintain the flexible operation of the company's funds.
(8) In view of the limitation of natural conditions, the company has taken the following measures: transforming the process to reduce production water; Recycling of production water; Use surface water; Sewage treatment reaches the standard and is discharged to supplement groundwater sources. The company has also developed an automatic control system for deep well water supply, which is of great significance for protecting underground water sources. In view of the influence of high temperature in summer, the company adopted two supporting measures: circulating cooling and lithium bromide cooling, which can keep the fermentation production stable in high temperature season.
2. Industry risk countermeasures
(1) In view of the risks of environmental factors, the company will continue to ensure proper investment in environmental protection. Use part of the raised funds to build an aerobic treatment project of SBR activated sludge. The residual harmful substances in the treated wastewater are lower than the national discharge standard, and the pollution control cost can be reduced. In addition, the company's wastewater comprehensive utilization technology has been successfully developed, and the technology will be applied to actual production after the raised funds are in place.
(2) In view of the risk of industry dependence, on the one hand, the company will import raw materials from abroad when the price of similar raw materials abroad is lower than that in China; On the other hand, we will actively study the production process and find more substitutes to prevent production from being affected by raw material problems.
(3) In view of the competitive risks in the industry, the company has been organizing production according to the ISO9000 international standard for several years, and the product quality has been steadily improved, and it has passed the national Fiona Fang mark certification. In the future, the company will further expand the production scale, at the same time carry out technical transformation, strengthen quality management, and maintain and expand its leading edge in the industry with economies of scale and advanced technology.
3. Market risk countermeasures
(1) From the perspective of business cycle, due to the famous brand effect of the company's products, although there are differences in production and sales in different seasons, there is little difference. The company will continue to tap the sales potential and strive to narrow the sales difference between seasons.
(2) In view of the market capacity risk, the company divides the market into general market and special market according to the actual situation, and uniformly sets the sales price and the lowest price to ensure that vicious competition does not occur among the company's distributors. The company will also strictly manage internally, stabilize product prices, expand sales areas, strengthen publicity, collect market information in time, grasp market demand changes and development trends, develop new varieties in time, and further expand market share.
4. In view of policy risks, the company will take measures such as strengthening internal management, carrying out technical transformation, improving production technology level, saving energy and reducing consumption, improving product quality and expanding sales network to improve labor productivity, reduce costs and absorb the impact of policy changes to the maximum extent.
In view of the investment risk, the company has organized experts to fully demonstrate the feasibility of the project, and will arrange the investment in strict accordance with the budget during the project implementation to ensure the smooth progress of the project and achieve the expected benefits.
6. In view of the risks controlled by major shareholders, the promoters of the company have clearly promised not to use their control position to control the company's financial, personnel and business decisions, and not to damage the independence of the company's decision-making; Do not engage in production and operation that constitutes horizontal competition for the company. After the reorganization, the company and the promoters realized asset separation, personnel separation, financial independence and business independence.
7. In view of the risk of M&A, the company has organized experts to fully demonstrate the feasibility of the technological transformation project of the merged enterprise, and at the same time actively strive for the preferential policies enjoyed by M&A, do a good job in the basic work of rectification of the merged enterprise, and will arrange investment in strict accordance with the scheduled schedule to ensure the smooth progress of M&A and achieve the goal of low-cost expansion.
8. In view of the stock market risks, the company will operate in strict accordance with relevant national laws and regulations and return investors with good performance. At the same time, it ensures the timely, full and accurate disclosure of company information and reduces the risk of investors. The company once again reminds investors that they should have a full understanding of stock price fluctuations to avoid and reduce losses.
The use of intransitive verbs to raise funds
I. Use of raised funds
This time, the company issued 654.38+0 million shares to the public at a price of 70. 1 yuan per share. After deducting the issuance expenses of RMB 2096,865,438+05,000, the actual funds that can be raised are RMB 680,036,5438+085,000, all of which will be invested in the following projects:
(1) Technical transformation project of sodium glutamate production line with an annual output of 40,000 tons.
1. Project introduction
The project has been approved by the State Economic and Trade Commission and the Economic Restructuring Office of the State Economic and Trade Commission. 1997820.
The project adopts neutralization secondary decoloration-concentrated crystallization-drying process, which has high technical content, can improve the utilization rate of the company's equipment, reduce the production cost, further expand the company's monosodium glutamate production capacity and increase the market share of products, and has remarkable economic and social benefits.
2. The project needs to increase fixed assets:
(1) neutralization equipment
(2) Decolorization equipment
(3) crystallization separation equipment
(4) Drying and packaging equipment
(5) Other auxiliary equipment
3. Investment plan and construction cycle
The total investment of this project is158.3 million yuan, including fixed assets investment14.3 million yuan and working capital15.3 million yuan. The company plans to invest 9 1 140000 yuan in1June 1998, and 67 160000 yuan in 1999. The construction period is 1 year, the official production date is 1 year, and the normal service life is1year.
4. Economic benefits
After the completion of the project, it is estimated that the annual output of sodium glutamate will be 40,000 tons, the annual sales income will increase by 628.5 million yuan, the after-tax profit will increase by 83.43 million yuan, the investment payback period will be 3.29 years, and the investment profit rate will be 48.5%.
(two) the use of corn waste residue to produce high fiber feed technology transformation project.
1. Project introduction
This project has been approved by the State Economic and Trade Commission in document No.2004. 199782 1.
The purpose is to use the waste residue produced in the production of monosodium glutamate and adopt foreign advanced technology to produce high-fiber complete feed. It is a new feed for ruminants and lean pigs with high added value. At present, there is a big market gap in China.
2. The main equipment to be added in the project transformation:
(1) spray drying equipment
(2) Receiving and storage equipment
(3) Crushing system
(4) batching and mixing system
(5) granulating system
(6) Finished product system
3. Investment plan and construction cycle
The total planned investment of this project is 65,438+65,438+765,438+400,000 yuan, including fixed assets investment of 65,438+200,000 yuan and working capital of 65,438+565,438+400,000 yuan. The company plans to invest 66.62 million yuan in 1998 and 50.52 million yuan in 1999. The construction period of the project is 1 year, the official production date is 1 year, and the normal service life is1year.
4. Economic benefits
After the project is completed, it can produce 200,000 tons of lean pig feed and 654.38+10,000 tons of cattle, sheep and rabbits feed every year. It is estimated that the annual sales revenue is 570 million yuan, the after-tax profit is 88.95 1. 1 ten thousand yuan, the investment payback period is 285 years, and the investment profit rate is 56.6%.
(3) 50,000 cubic meters aerobic wastewater treatment project
1. Project introduction
This project has been approved by Henan Provincial Planning Commission in document 199749 1.
In order to respond to the national sustainable development strategy, further change the sewage quality structure and meet the requirements of total water pollution control in Sha Ying, the main tributary of Huaihe River Basin, the company will build an aerobic sewage treatment project. This project adopts sequencing batch activated sludge process, which is an advanced process for sewage treatment in the world at present.
2. Main fixed assets newly added by the project:
(1) comprehensive wastewater regulating tank
(2) sequencing batch activated sludge reactor
(3) Blower room
(4) Mud storage tank
(5) Dehydrator
3. Investment plan and construction cycle
The total investment of the project is1200,000 yuan, and the construction period of the project is one year.
4. Benefit analysis
After the project is completed, the discharge of COD in wastewater can be reduced by more than 80%. Sludge deposited in wastewater can be used as agricultural fertilizer after concentration and dehydration. The economic benefit of the project is not significant, but the social benefit is good.
(four) the annual output of 60 thousand tons of liquid ammonia technical transformation and wastewater treatment comprehensive utilization project.
1. Project introduction
This project is the 1996555 "double addition" second-phase technical transformation project-oriented plan approved by the State Economic and Trade Commission 19991February 15.
The technical transformation project of liquid ammonia has three purposes: first, self-production and self-use, reducing long-distance transportation and reducing the production cost of monosodium glutamate; Secondly, the liquid ammonia required for dehydration treatment is met, and the cost of water treatment and comprehensive utilization is reduced; Third, it meets a city's demand for agricultural materials and solves the contradiction between local supply and demand.
In the wastewater treatment and comprehensive utilization project, ammonium sulfate compound fertilizer was recovered by protein extraction, ammonia neutralization and evaporation concentration to realize wastewater recycling.
2. New fixed assets in the project transformation:
The newly added fixed assets of this project mainly include equipment and workshops related to liquid ammonia production technology, as well as wastewater treatment tanks and protein extraction equipment.
3. Investment plan and construction cycle
The total investment of this project is1760,000 yuan, including 82.63 million yuan for technical renovation of liquid ammonia and 93.37 million yuan for comprehensive utilization of wastewater treatment. 1998, the planned fixed assets146.96 million yuan, and the working capital is 29.04 million yuan. The construction period of the project is 1 year, the official production date is 1 year, and the normal service life is1year.
4. Economic benefits
After the project is completed, it is estimated that the annual sales revenue will increase by 254.527 million yuan, the after-tax profit will increase by 510.07 million yuan, the payback period of investment will be 5. 17 years, and the investment profit rate will be 23.94%.
(5) Technical transformation project with an annual output of 6.5438+500,000 tons of regenerated activated carbon.
1. Project introduction
This project has been approved by Henan Economic and Trade Commission in document 20051February 25th. 19977 13.
The company consumes 0.3 million tons of activated carbon/kloc-0 per year for producing monosodium glutamate. However, at present, the domestic activated carbon production capacity is in short supply, and the price is rising again and again, so the existing regenerated activated carbon production line is far from being able to adapt to the development of monosodium glutamate production. In order to make full use of resources and expand the production scale, the company decided to expand the original production line into a production line with an annual output of 6,543,800 tons of regenerated activated carbon. It is planned to increase the tank capacity of the carbon washing section, carry out technical transformation on the calcination and packaging section, and adopt the hot air drying treatment system and automatic packaging system of the outer tube air drying furnace imported from Japan. After the implementation of the project, the product conversion rate is increased by more than 3 times, the working hours are shortened by 10 times, and the cost is reduced by 30%.
2. New fixed assets in the project transformation:
(1) mixing equipment
(2) Vibration equipment
(3) cooling the separation equipment
(4) drying equipment
(5) Power distribution equipment
3. Investment plan and construction cycle
The total investment of this project is 36.4 million yuan, and it is planned to invest 28 million yuan in fixed assets and 8.4 million yuan in working capital at 1998. The construction period of the project is 1 year, the official production date is 1 year, and the normal service life is1year.
4. Economic benefits
After the project is completed, it is estimated that the annual sales revenue will increase by 5 1.28 million yuan, the annual after-tax profit will increase by 1.502 million yuan, the payback period of investment will be 3.45 years, and the investment profit rate will be 4 1.26%.
(six) technical transformation project of yellow powder refining production line with an annual output of 25 thousand tons.
1. Project introduction
This project has been approved by Henan Economic and Trade Commission in document 20051February 25th. 19977 15.
Yellow powder is a by-product recovered in the process of producing corn starch. The company uses the yellow powder extracted from corn starch for deep processing and finishing to make food-grade protein nutritional powder and corn yellow pigment. This move can give full play to the company's rich raw material advantages of corn yellow powder, with low production cost and high added value, which conforms to the national policy of encouraging comprehensive utilization of resources and has obvious economic benefits.
2. New fixed assets in the project transformation:
This project mainly needs to add soaking equipment, concentration equipment, decoloring equipment, extraction equipment, crystallization equipment, separation equipment and drying equipment.
3. Investment plan and construction cycle
The total investment of this project is 38.87 million yuan, the planned fixed assets investment is 65.438+99.8 million yuan, and the working capital is 8.97 million yuan. The construction period is 1 year, the official production date is 1 year, and the normal service life is1year.
4. Economic benefits
After the project is completed, it is estimated that the annual sales revenue will increase by 200 million yuan, the annual after-tax profit will increase by18.98 million yuan, the payback period of investment will be 4. 1 year, and the investment profit rate will be 43.7%.
(7) Construction of a production line project with an annual output of 1 10,000 tons of spice sauce.
1. Project introduction
This project has been approved by Henan Provincial Planning Commission Yuji Industry 1997403.
Spice sauce is a widely used dietary flavoring agent, which is mainly made of powdered monosodium glutamate, natural spices, salt and dried ginger slices. The company is located in the Central Plains, and various agricultural and sideline products have been harvested year after year, which provides sufficient raw materials for the company to produce hot sauce. Moreover, semi-finished products, finished products and packaging are all solved by the company itself, with few turnover links and low cost, which enhances the competitiveness of products in the market.
2. New fixed assets of the project:
Screening equipment, extraction equipment, concentration equipment, preparation equipment, granulating equipment, drying equipment, packaging equipment, supporting equipment and auxiliary equipment need to be added.
3. Investment plan and construction cycle
The total investment of the project is 38.09 million yuan, including 29.3 million yuan in fixed assets and 8.79 million yuan in working capital. The construction period is 1 year, and the production date is 1 year.
4. Economic benefits
After the project is completed, it is estimated that the annual sales revenue will increase by 96 million yuan and the annual after-tax profit will increase by13.03 million yuan. The investment profit rate is 38%, and the payback period is 4.08 years.
(eight) the construction of annual output 1 10 thousand tons of natural condiment production line project.
1. Project introduction
This project has been approved by Henan Provincial Planning Commission Yuji Industry 1997436.
The production of natural series condiments can not only fill the shortage of condiments in the market; It can also adjust the product structure of the company and enhance the profitability of the company. In this project, powdered monosodium glutamate was prepared and processed with local animal extracts, plant extracts and hydrolyzed extracts.
2. New fixed assets of the project:
Screening equipment, extraction equipment, concentration equipment, preparation equipment, granulating equipment, drying equipment, packaging equipment, supporting equipment and auxiliary equipment need to be added.
3. Investment plan and construction cycle
The total investment of the project is 38.22 million yuan, including 29.4 million yuan in fixed assets and 8.82 million yuan in working capital. The construction period is 1 year, and the production date is 1 year.
4. Economic benefits
After the project is completed, it is estimated that the annual sales revenue will increase by 654.38+0.766, 54.38+0.4 million yuan and the annual after-tax profit will increase by 20.95 million yuan. The investment profit rate is 44. 1%, and the payback period is 3.8 years.
(nine) the merger of Anyang tangyin county corn comprehensive utilization pilot plant and the implementation of technical transformation investment.
1. Debt consolidation.
Anyang Tangyin Corn Comprehensive Utilization Experimental Factory (hereinafter referred to as "Tangyin Corn Factory")199765438+February 3 1. After evaluation, the total assets are 10 1059500 yuan, the liabilities are 105233400 yuan and the net assets are -46540 yuan. At present, the production capacity is 80,000 tons of corn per year and 30,000 tons of commercial starch by wet process. 30,000 tons of compound feed; 5000 tons of citric acid is produced by corn meal enzymolysis and microbial fermentation. At the same time, it has a processing device for corn by-products: protein, fiber and corn syrup, and a production device with an annual output of 2,000 tons of refined corn oil. In addition, it also has its own boiler heating plant, power supply station, water supply station, air compressor station and wastewater treatment device. The products of this factory have been exported to Japan, Philippines, Iran, Cuba, South Korea, Hong Kong and other countries and regions, and the annual starch export volume accounts for more than half of the starch export volume in Henan Province. 1992 was listed as one of the 500 largest food production enterprises in China, and obtained the right to operate independently. The product was designated as "inspection-free unit for starch export" by Henan Commodity Inspection Bureau. It has more than 100 customers in more than 20 provinces and cities in China, and its product quality ranks among the best in the evaluation of 15 10,000-ton manufacturers in China.
Because the lemon products produced by Tangyin Corn Factory are affected by the changes of domestic and international market prices and the expansion of domestic production scale, enterprises are short of funds, which leads to the increase of production costs and the weakening of market competitiveness. In addition, due to various reasons such as poor production and management, the company suffered losses. The net profit of 1997 is-3,603,200 yuan, and the output is gradually shrinking. It has been discontinued at present.
In recent years, under the extremely tight production funds, Lotus Group invested 654.38+0.5 billion yuan to build the first and second sewage treatment projects, which affected the development and growth of the Group to some extent. The reality requires that Lotus Group must adopt the development strategy of paying equal attention to low cost and technological transformation, make full use of the direct financing function of the capital market, select the state-owned enterprises that are currently in difficulties and disadvantages but have good development prospects to merge, increase the investment in technological transformation of the merged enterprises, and reduce the development cost. Only in this way can we form a harmonious development pattern with reasonable product structure, complementary advantages and strong competitiveness, and give full play to the scale advantages of large state-owned enterprises.
Although Tangyin Corn Factory has reached a bad situation of stopping production, there are still many advantages and conditions for further development. It is urgent to make use of the advantages of powerful large enterprises to restart production, broaden financing channels, reorganize assets, revitalize existing assets, speed up technological transformation, upgrade products, and seek products suitable for the market and domestic leading bioengineering technology. At the same time, seek more mature and feasible wastewater treatment scheme to ensure a better market for products after technical transformation, and achieve the purpose of enterprise development through effective pollution control.
Based on the above situation, the joint-stock company signed a merger agreement with Tangyin Corn Factory, taking1997 65438+February 3 1 as the evaluation benchmark date, and the joint-stock company merged Tangyin Corn Factory by assuming liabilities, with liabilities of 105233400 yuan.
2. Investment in technological transformation
After the merger, Tangyin Corn Factory took the market as the guide, adjusted the product structure, carried out technical transformation, revitalized the existing assets and increased the added value of products.
(1) technical transformation project
According to the market analysis and the feasibility of adjusting the product structure, tangyin county Corn Comprehensive Utilization Experimental Factory plans to carry out the following technical transformation:
Total investment of fixed assets investment construction period of serial number project
(ten thousand yuan) (ten thousand yuan) (month)
1 technical transformation project with an annual output of 30,000 tons of starch 4 150 2950 6-8
Technical transformation project of 220,000 tons of glucose syrup 3200 2200 6-8
365438+100000 tons of modified starch technical transformation project 4,7502,9608-10
4,860, 2,900, 6-8, 5,000 tons of lysine per year.
Five-year annual output of 6.5438+100,000 tons of refined corn oil is 46,002,998.
6 Supporting projects for technical transformation of water, electricity and steam 6,580 2,980 6-8
7 Technical transformation project of wastewater treatment and comprehensive utilization 5,040 2,990 8-10
Total: 33 180 19978
Serial number project approval number
1 technical transformation project with an annual output of 30,000 tons of starch, Henan Economic and Trade Reform 1998] 167
Technical transformation project of 220,000 tons of glucose syrup [1998] 165, Henan economic and trade reform.
3 1 10,000 tons of modified starch technical transformation project Chongqing economic and trade reform [1998] 168
4. Henan Economic and Trade Reform [1998] 195, a technical transformation project with an annual output of 5,000 tons of lysine.
Five-year annual output 10000 tons of refined corn oil technical transformation project [1998] 166.
6 water, electricity and steam technical transformation supporting projects. [ 1998] 163
7 Technical transformation project of wastewater treatment and comprehensive utilization [1998] 162, Henan economic and trade reform
Combination plan
(2) Investment estimation
The total investment of the above projects is estimated to be about 376.8 million yuan, including 3,365,438+800,000 yuan for technical transformation and 45 million yuan for start-up. Financing relies on A-share listing to raise funds and bank loans.
(3) Benefit forecast
After the merger, the sales revenue increased by 349.92 million yuan annually, the after-tax profit increased by 5045 1 10000 yuan annually, the investment profit rate was 13.45%, and the payback period was 7.43 years.
Second, the use of funds and financing plan
The project invested by the company needs 109982 million yuan. The actual funds raised this time are 6,800,365,438+0,850 yuan, and the funding gap is planned to be solved through bank loans.
The investment plan of raised funds is as follows:
Project name Total investment investment plan
(ten thousand yuan) (ten thousand yuan)
19981first half of 999
Technical transformation and expansion of sodium glutamate production line with an annual output of 40,000 tons15,8309,1146,716.
Technical transformation project of producing high-fiber complete feed from corn waste residue 1 1, 7146,6625,052.
50,000 cubic meters aerobic sewage treatment project10.2 million
Transfer of technical transformation and comprehensive utilization of wastewater with an annual output of 60,000 tons of liquid ammonia 17600.
Technical transformation project with an annual output of 6.5438+500,000 tons of regenerated activated carbon 36.403.640.
Technical transformation production line project with an annual output of 25,000 tons of yellow powder refining 3,887 3,887.