Several items of concerns.
1; Re-statement of gross margins reduced by 4 percentage points for Q3 and setting lower margins in Q4 when many increased margins
2: AR now at nearly 2 quarters of sales and selling with a 5% hold back or retainage fee that is recognized now but kept as AR?
3: Their processing cost was flat in Q4 from Q3 as they stated costs of $0.45 yet their Gross margins do not reflect the costs from Q4 or Q3.
4: If one adjusts the Q3 margin adjustments, their costs could not be what they were claiming in both Q3 and Q4
5: Very large Poly writeoff on contracts after stating they were spot purchasing and did not rely on long term contracts.
Whats cooking now on their 20-f for 2012?
Wonder which other chinese companies are cooking books too.. Hm.