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        Da Rubber Plastics raised 300 million yuan to invest in the construction of rubber machinery projects


        Starting from January 16, 2013, Da Xiangsu (600346, stock bar) (600346), which has been suspended, announced its non-public offering plan. The company plans to issue no more than 49.83 million shares at an issuance price of no less than 6.02 yuan per share, and raise no more than 300 million yuan to be used for the construction project of Dalian Daxiang Machinery Manufacturing Co., Ltd. and to supplement working capital. The company's stock resumed trading on January 23, 2013.

        The total planned investment for the construction project of Da Xiang Manufacturing is 987 million yuan, of which 925 million yuan is for construction, and 220 million yuan is planned to be invested in the raised funds.

        The company stated that the entire project is expected to generate an annual sales revenue of 1.3 billion yuan and a total annual profit of 150 million yuan after reaching its full capacity. The economic evaluation indicators of the project are good.

        According to the announcement, in the construction project products, the main products in the company's rubber machinery series are the opening mill and reducer, with mature technology and large production batches. The rubber mixer is mainly used for mixing and final refining of rubber, and the reducer series products are key components supporting various rubber products. According to the statistics of the China Association of Automobile Manufacturers, China's automobile production and sales reached a new high in 2011, with 18.4189 million and 18.551 million vehicles respectively. Driven by the automotive industry, the demand for tires will continue to increase. The strong demand will bring good market prospects for refiners and reducers.

        In addition, the casting products after the project is completed also have a wide market demand. According to the development plan for the equipment manufacturing industry in Liaoning Province, Liaoning Province will fully leverage its industrial agglomeration role and build two equipment manufacturing agglomeration areas, Shenyang and Dalian, to further develop the transportation equipment manufacturing industry with comparative advantages and maintain its position in China, represented by automobiles and components, ships, rail transit equipment, aircraft and components. After the completion of the project, the casting products will be widely used in automobiles and components, rail transit transportation equipment, and various general machinery.

        The announcement also disclosed that as of September 30, 2012, based on the consolidated financial statements, the company's asset liability ratio was 79.90%. If funds are raised through debt to continue the construction of the Da Xiang Manufacturing construction project, the company will not only increase financial costs, but also increase debt repayment risks and reduce financing capabilities, especially when the company has fully utilized financial leverage, which will have a negative impact on its daily operations. After the completion of this non-public offering of shares, a total of 80 million yuan will be raised to supplement the working capital, replenish the company's capital, and reduce the asset liability ratio, further optimizing the financial situation.

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