Jiangshan Textile Bankruptcy! The Fall Of "Big Cell Phone" In Textile Enterprises

Jiang Fang, once brilliant, has gone bankrupt.

Once

Jiangshan textile assets were shot 46 million yesterday.

In the streets of Jiangshan, I asked a few passers-by, almost no one did not know.

Jiangshan textile was once a real "big cell phone" in Jiangshan cotton spinning enterprise, and also a key private sector in Western Zhejiang.

Factory equipment auction, 46 million yuan difficult to fill holes

This is a special auction, commissioned by Jiangshan textile bankruptcy administrator, the subject matter is Jiangshan textile all located in Jiangshan City Hushan bamboo Peng's real estate and accessories, machinery and equipment, inventory, "Jiangshan" brand and "Ao Heng" brand, 7 industrial land certificate covers a total of 31111.19 (about 46.7 acres), the certificate covers a total construction area of 19308.39, and other machinery and equipment, and so on, the overall starting price of 38 million yuan.

There is also a Audi car.

This is the second time that the asset pack has gone to the auction. The first time is May 18th, because the final price is not below the client's bottom line.

Yesterday afternoon, after several rounds of bidding, the asset package was sold at a price of 46 million yuan, and the other party was a powerful badminton enterprise in Jiangshan.

The boss's new Audi car was traded at 240 thousand yuan.

In November 19, 2009, Jiangshan textile industry was cut off because of its chain breaking and entered bankruptcy procedure in May 17, 2010.

In recent years, the company has raised large amounts of funds to non financial institutions and individuals in the name of loans.

Audited, the company's liabilities amounted to 130 million, employees raised tens of millions of yuan, private loans reached about 80000000, involving creditors of thousands of households, up to about 7000000 yuan.

At present, the total assets of enterprises are only about 80000000 yuan.

Lao Cheng, more than 60, kept holding his breath at the auction site and watched the whole process. He sighed when he left. "It's good to be able to clinch a deal, but it's still unknown whether the money can be partly realized.

The factory is also sold, and the boss is not there. "We have entered the judicial process."

Lao Zheng, a native of Jiangshan, heard in 2005 that "the development of Jiangfang" needed money, so that he assured his tens of thousands of yuan to Wei Jianxin, chairman of Jiang Fang, who had done several dealings.

Over the past 4 years, the assets of Lao Zheng's relatives and friends have invested more than 2 million 700 thousand yuan.

From the interest of Jiangshan textile promise, there is a monthly interest rate ranging from two to two points.

He has a lot of fame in the region, a lot of honors, and a special financial charter for his loans, so everyone is very comfortable to lend him money.

Lao Zheng said his last receipt was October 2, 2009.

No one had thought that only a month later, the seemingly "prestigious and prestige" company broke down overnight.

"This hole is really big. It's hard to fill it in a moment."

Jiangshan textile bankruptcy administrator said, next will continue to have some fixed assets, raw materials and other auctions, but the amount will not be great.

Excessive expansion financing, capital chain rupture

"Today's situation is very much due to my blind expansion and social financing."

Wei Jianxin said before.

In 2006, "Jiangfang" became a famous trademark in Zhejiang province and the 2007 National Product exempt from inspection, ambitious. He hoped to further expand the scale of enterprises.

But the bank's credit tightening in the textile industry has caused Wei Jianxin's financing problems. In order to achieve the desire to expand the scale of the enterprise, he first extended the financing tentacles to the private capital that had never been touched, and it was this wrong decision that made Jiang spinning into today's dilemma.

In 2008, with the advent of the financial crisis, Jiangfang, which had been operating hard, became more and more difficult.

After the National Day holiday ended this year, domestic textile materials began to fall wildly, and the large amount of receivables in Jiangfang had been postponed. The peak reached 50 million, which made Wei Jianxin have to postpone the term of short-term financing.

In order to get financing and maintain normal operation, Wei Jianxin can only choose to raise interest rates.

It is understood that before the end of production, Jiang textile monthly interest rate of more than 3% of social loans reached 20 million, and a 2 million 450 thousand yuan loan interest rate reached 5%.

In 2009, the average monthly interest paid by Jiangshan textile was 2 million 80 thousand yuan, far exceeding the profits of the company, which made it difficult for Jiang's capital flow.

But it is unthinkable that no one knows the difficulties faced by enterprises except Wei Jianxin, even in finance.

Until December 17, 2009, Wei Jianxin, who was unable to keep up, officially announced that the capital chain of Jiang Fang was completely broken, and the company temporarily stopped production. Many people's dreams were shattered.

"Big cell phone" grows from gorgeous to falling.

Jiangfang's predecessor was a cotton mill under the supply and marketing cooperative, which was put into operation in November 25, 1988.

In May 1999, Jiang Mian was formally pformed into a private enterprise through restructuring, renamed today's Jiangshan Textile Co., Ltd., and Wei Jianxin became the person in charge of the enterprise through equity acquisition.

In the second half of 1999, Jiangfang began to leap across the market in the second half of 1999 due to the favorable market situation and the encouragement from the supply and marketing cooperatives and special products companies.

Over the past four years, the scale of enterprise production has increased by five times, and Jiangshan textile has become a truly "big cell phone" in Jiangshan cotton spinning enterprise.

In 2006, Jiangfang's sales revenue exceeded 100 million yuan for the first time and reached 157 million 800 thousand in 2008.

But no one can imagine that this building is built on the sand layer.

For the dilemma of Jiangshan textile industry, the local government of Jiangshan City, who did not want to be named, said that the most serious problem was that a large number of social financing had dragged down the enterprises that were originally small profits.

Although "Jiangfang" is a famous trademark in Zhejiang Province, it is mainly engaged in processing. Its product structure is not perfect and its profit is very low.

At the same time, the internal structure of the enterprise is extremely complicated. The business that originally needed two or three hundred people had 680 people, which greatly increased the cost.

And all of this let Jiang spinning slowly into the predicament.