Shanghai Narcissus helping govt with trade of its delisted shares

SHANGHAI (AFX-ASIA) - Shanghai Narcissus Electric Appliance Industrial Co Ltd said it is helping the relevant government departments with the trading of its A- and B-shares following the company's delisting from the Shanghai Stock Exchange.

The company said its accounts receivable currently amount to 327.1 mln yuan, while the firm is the subject of 13 court rulings involving debts or credits worth a combined 11.2 mln yuan and expects to be the subject of a 

further 9 law suits involving a combined 16.6 mln yuan.

The company currently owes 26.8 mln yuan in goods payments and processing fees to a total of 177 companies, adding that the delisting of its shares was due to blind production, without regard for product sales, resulting in a large increase in stored goods and accounts receivable.

It added that the firm's 22.5 mln-usd investment in joint venture Shanghai Whirlpool Narcissus Co Ltd proved to be failure.

The company's four consecutive years of net losses were also attributable to the fact that its products lagged behind market demand, while the company was unable to recover accounts receivable, and the Ministry of Finance 

required changes to the accounting system.

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