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Printing industry chain: Yilin paper lost the financing door

the general trend of industrial development such as industrial upgrading and pollution control has made paper enterprises feel more and more tight on funds, and the low level of profitability of the whole industry is not enough to support all this. It will inevitably force enterprises to take risks by means of short-term loans, long-term investments, high interest loans and other means to avoid users adding other functions in future needs

another guarantee chain formed by mutual insurance of enterprises broke abruptly. The protagonist this time is Henan Yilin Paper Co., Ltd. (hereinafter referred to as Yilin paper). There are seven enterprises involved, and the financing channels involved are still bank loans and social high interest financing, with a total amount of more than 800 million yuan

I can't turn anymore

in the summer of 2012, the high temperature did not drop, but it was cold for Li Jinggang, a Xuchang man, and his senior management partners: their passports had been detained by the relevant departments, and their scope of activities was limited

in Yilin paper industry, which they used to control, the old plant has been shut down for a long time, and the operating rate of the new plant is less than 1/3; From time to time, employees come to ask for wages, and creditors have been coming to ask for accounts. For the sake of stability and development, the government working group has been stationed around the Tomb Sweeping Day

in the first ten days of May, convened and presided over by the working group, we held a creditors' meeting in Zhengzhou, with the main purpose of controlling financial risks and discussing the way of the rebirth and development of Yilin paper industry. Xuchang Bureau of industry and information technology is the main component of the working group. On May 24, a relevant person in charge of the Bureau disclosed to

a data provided by Yilin paper industry shows that by the end of 2011, the total assets of the enterprise were 1.201 billion yuan and the total net assets were 578million yuan. However, the working group revealed that so far, the total amount of bank loans and social high interest financing of Yilin paper has reached more than 800million yuan, of which the latter amount is nearly 100million yuan

there is no doubt that the social high interest loan part of the total liabilities of this enterprise has been intentionally or unintentionally concealed. Although this part of the amount is small, in the whole Yilin paper production shutdown event, it has become the fuse that detonated the rupture of the capital chain, so that the loan refinancing and high interest lending cycle that Yilin paper has been struggling to maintain can no longer be turned around

in August and September 2011, Yilin paper borrowed 33million yuan from wanguanglei of Xuchang people in two installments (bridge funds. According to the verification, the loan interest was 6-8 points per month), and it was agreed that the loan would be repaid after the bank issued the loan in 3-15 days. Therefore, both parties signed a contract and notarized it. In case of breach of contract, they can apply to the court for immediate enforcement. However, after the expiration, Yilin paper returned a small part of it, but the balance of 31.7599 million yuan has been in arrears

in December, Wan Guanglei applied to Xuchang intermediate people's court for enforcement according to the contract. The executive inquired about the deposit of Yilin paper in each bank account, called the two parties for coordination and reconciliation for many times, and ordered Yilin paper to formulate a repayment plan, but the two parties did not reach an agreement because of the great differences. On March 5 this year, after learning that Yilin paper and its affiliated enterprise and loan guarantor Xuchang Heyi pulp Co., Ltd. were going to handle 40million yuan acceptance in the bank, Wan Guanglei requested the court to rush to Zhengzhou, seized 20million yuan of the open acceptance bill according to law, and directly frozen and transferred the money from the bank

according to the plan of Yilin paper, this money was originally used to purchase raw materials and maintain production. A small part of it was used to pay the employees who were in arrears for several months, resulting in a lot of investment ending in salary. However, after the implementation of the transfer, the capital chain of the enterprise was immediately broken, and various creditor units quickly came to the door. The operation of the company was forced to be interrupted, and the enterprise had to stop production on holiday

it sounds incredible that a straw will crush the camel to the ground, but this is the fact that it happened to a forest paper industry. Various signs show that at the end of 2011 and even from January to February 2012 after the court issued the enforcement notice, several banks in Henan Province are still granting loans to Yilin paper. Insiders revealed that most of these loans were accepted, with a total amount of nearly 80million yuan. During this time, Yilin paper executives bought a new Porsche Cayenne car at a price of nearly 2.6 million yuan

The occurrence of the butterfly effect interrupted this grinding or robbing Peter to pay Paul financing process, and Yilin paper and many other mutual insurance enterprises suffered shock therapy due to their fragile capital chain

The Yilin paper industry, which produces more than 200000 tons of paper and pulp, ranks among the top three in the paper products industry in Henan Province, with a market share of 5%. Is its operation and profitability really poor? Is the enterprise really on the brink of bankruptcy and reorganization

the industrial and commercial registration data shows that Yilin paper industry is a joint-stock enterprise established in accordance with the requirements of the modern enterprise system on the basis of the former state-owned enterprise Xuchang paper mill, and was registered with 50.6 million yuan invested by 48 natural persons. Among them, Li Jinggang, who has won the May Day Labor Medal, Henan model worker and other honorary titles, invested 35.62 million yuan, accounting for 70%; Li Linhai contributed 5.56 million yuan, accounting for 10%; The remaining shares are mostly held by the representatives of the original factory staff. The company's main products include double offset paper, writing paper, office paper, special purpose paper and other high-end paper. Over the years, it has established a relatively stable supply and marketing relationship with domestic well-known paper distribution companies and publishing houses, such as Xiamen Anne Co., Ltd. and Taibai literature and Art Publishing House

according to the relevant financial statements, in 2010, the operating income, net profit, total assets and total net assets of the enterprise were 690 million yuan, 78 million yuan, 1058 million yuan and 499 million yuan respectively, and by the end of 2011, they reached 906 million yuan, 79 million yuan, 1.201 billion yuan and 578 million yuan respectively; In terms of financial ratios, the asset liability ratio, current ratio and quick ratio of the enterprise in 2010 were 47.2%, 1.21 and 0.59 respectively. Even in 2011, these indicators were 51.86%, 1.09 and 0.615 respectively. Related to this, it is said that Yilin paper's gross profit margin and net profit margin reached 11% and 7% respectively, and its inventory turnover rate was also relatively high

the financial situation is good, which is the conclusion of some market people who have been in close contact with Yilin paper industry. Someone checked the financial statements of the enterprise from August to December 2011 and found that the main business income of Yilin paper was more than 80million yuan per month, and the monetary capital was also about 100million yuan. Because there was no difference between light and peak seasons in paper sales, the income and expenditure had been relatively stable

however, these superficial public and semi public materials and accounts cannot cover up the fragile capital chain of Yilin paper. First of all, social high interest financing is intentionally or unintentionally covered. Although the amount of this part of funds is not high, because they enter the enterprise in the name of individuals through the senior management of Yilin paper industry, and most of them are high interest bridge funds, it is extremely difficult for banks and other loan units to detect, and the repayment risk is accumulating rapidly in the dark; Secondly, tax and financial fraud also led to the existence of two accounts in Yilin paper. The true financial situation is difficult to grasp even for the banks and tax departments that deal with it all the year round. This led to the situation that financing units were still competing for financing after the court issued the enforcement notice at the beginning of this year. Another unconfirmed news is that before the Spring Festival this year, the local government also issued 18million yuan of assistance funds to Yilin paper industry in the name of subsidies

with such good financing conditions, so many financing channels and such a stable profit level, why can't Yilin paper industry support the sustainable operation and development, and it is so easy to be overwhelmed by high interest loans? At present, this is still an unsolved mystery. However, according to local people, there are several important factors:

first, the front is too long and the scale expands too fast. Since 2009, in order to realize industrial upgrading, Yilin paper has newly requisitioned more than 1000 mu of land in Xuchang city to build 100000 tons of high-end cultural paper, 50000 tons of straw pulp projects and alkali recovery sewage treatment projects. The investment amount is huge, of which 110million yuan has been invested in the alkali recovery sewage treatment project alone. Of course, the newly launched production equipment and technology account for the majority of the investment. The paper machines in the new plant adopt domestic more advanced DCS and pls computer control systems, of which the 3750/1000 high-speed paper machine production line achieves full automation control, and the key components are imported equipment. It is a leader in China, and it is in the forefront in Henan Province

high-end equipment and processes require a lot of investment as the foundation, and a stable but low level of profitability is not enough to support all this. It will inevitably force enterprises to adopt short-term loans, long-term investments, high interest lending and other means to maintain the most basic operation and production of enterprises, which is undoubtedly a process of stepping on a steel wire, allowing enterprise decision makers to have a lucky gambling mentality

second, the boss transfers assets. The employees of the enterprise reported that in history, Li Jinggang falsely increased his registered capital by 32million yuan, promoted some relatives to key positions in Yilin paper industry, and sold off his inventory and some equipment after the capital chain of the enterprise was broken. At present, this statement remains to be verified. However, it is worth noting that Yilin paper, which was originally restructured from a state-owned enterprise, has not been completely restructured. Its shareholders include 48 natural persons, most of whom are representatives of the employees of the former state-owned enterprise. The distribution of interests and related balance between them have not been effectively resolved. There are more than 100 in Beijing alone, and there are often disagreements in decision-making, management and other aspects. According to reports, Li Jinggang himself is straightforward, but due to heart disease, he has often thought about the way forward and backward in recent years, and the enterprise has difficulties climbing. Maybe only he knows best whether to fight again and why

this involves a common problem commonly faced by restructured enterprises: the property rights have been clarified and the system has been changed, but the corporate culture and people's thinking consciousness have changed slowly, which ultimately forces managers to keep clean (it is best to clean after completing experiments every time); The sliding surface between the inlaid steel plate and the lining plate and the dovetail groove surface on the lining plate should be kept clean and embark on the road of secondary restructuring. Either start a new stove and short the existing enterprise, or completely change all aspects of the mechanism of the enterprise and rebirth

what kind of chess does Yilin paper play

dancing in chains

wait for death if you don't change, and look for death if you change. This is an image summary of the industry that the paper industry has increased environmental protection technological transformation in recent years, launched new processes and equipment, and achieved industrial upgrading and production structure adjustment. Yilin paper also wears such shackles and dances in the market

since 2011, China's economy has faced many tasks such as maintaining growth, fighting inflation, adjusting structure and promoting transformation. As a traditional industry, the paper industry, the increase in raw material costs, the credit crisis, the decline in profits, the elimination task with a total scale of more than 8 million tons, the heavy pressure of energy conservation and emission reduction, the impact of inflation, the difficulty of overcapacity, the rise in coal and electricity prices, the threat of the international trade market, and so on, It also suffered from severe pain of market integration. As half of the upstream raw materials waste paper and wood oars are close to the mouth, the price is vulnerable to international influence, while the downstream is constrained by demand. The paper industry has now entered a highly centralized stage. With the rapid increase of the scale of new projects and the threshold of environmental protection, the survival of small enterprises will become more and more difficult. There will be widespread capital chain breaks, serious losses and unsustainable operations, and more and more industry shuffles and mergers and acquisitions

last year, nearly 10 of the 23 listed companies in the paper industry

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