Wanjiang logistics suspicious bad debts door

Huaxia Times reporter Zhoshiyong Wuhu, Huainan, September 24, Wan Jiang Logistics (600575.SH) issued a continued suspension of the announcement, September 19 received the Shanghai SSE [micro-BO] mandated its verification of the wholly-owned subsidiary Huai Ore Logistics Limited Liability Company's financial situation of the "regulatory work letter." According to the bulletin, September 12 this year as the benchmark day, Huai ore logistics debt amounted to 16.749 billion yuan, of which has expired debt of 2.069 billion yuan, the debt is not due 14.68 billion yuan. Huai Mine logistics claims total 16.157 billion yuan, which has expired claims of 10.97 billion yuan, has not expired 5.187 billion yuan. The announcement said that the subsidiary's major credit risk issue has been characterized as a typical systemic case. Huai Ore Logistics is the largest subsidiary of the logistics of Wanjiang, its revenue scale accounted for more than 96% of the total revenue of listed companies, its use of "platform + base" Steel platform model has been publicity for the highest capital security, but this July 22, Wanjiang Logistics was the first media exposure to the risk of steel trade. After September 10, the company suddenly disclosed a series of major financial risks such as overdue loans, closed accounts, bad receivables and overdue commercial bills, which made the industry in an uproar. And more investors questioned, the model of "inventor" Huai ore logistics, the original chairman of the Wang Xiaoxiu in the end of March this year, but not until September to find out the risk of bad debts, Wanjiang logistics internal wind control there are serious deficiencies, and a series of indications that the information disclosure of the logistics of Wanjiang is concealed suspicion Subsidiary capital chain Fracture Wanjiang Logistics formerly known as "Wuhu Port", August 9, "Huaxia times" reporter in the "Wuhu Capital Sniper War," a draft report of the company faces the "coal steel double Kill" dilemma, and after one months, the company exposed a significant risk of bad debts. September 10, the announcement of the logistics of Wanjiang instantly shocked investors. The company said that the company's wholly-owned subsidiary Huai Ore Logistics due to the absence of full funds to pay due debt, has been the first defendant by the China Minsheng Bank Shanghai branch of the prosecution. As of September 5, Huai Ore logistics in banks and other financial institutions, more than 20 accounts have been frozen, the amount of frozen amounts to 150 million yuan. In addition, the company in April 2014, the general election, Huai Ore logistics Chairman Wang Xiaoxiu separation, no longer hold the above positions. According to the company's system, the company in the audit process of its departure, found that the Huai Ore logistics receivables There is a significant risk of bad debts, in accordance with corporate accounting standards for bad debts, impairment of the preparation, the company is expected to have significant losses. September 16, Wanjiang Logistics issued a notice, Huai Coal Logistics, the original chairman of the Wang Xiaoxiu during the alleged abuse of power, serious dereliction of duty and other issues, has been detained by the public security organs and case investigation. September 17, Wanjiang Logistics Bulletin said, the company received telephone notice, Everbright Bank Wuhan branch reflects Huai Ore logistics 120 million yuan commercial acceptance, there are 80 million yuan overdue, the formation of bank advances. A banker told reporters after the situation: "Such a large financial hole, the public companies have no prior knowledge, so that people can notUnderstand。 "Up to now, Wanjiang Logistics is still in the suspension of verification, in addition to stocks, Wanjiang logistics, as well as" 12 Wuhu port "corporate debt in the SSE public transactions. September 16, the company's controlling shareholder Huai Mining Group reiterated the security responsibility for the bond to ease market concerns. "Most secure platform" myth shattered 2009, Huai Mining Group Backdoor Wuhu port, injected into the logistics business and iron transport business, thus creating a steel, coal logistics trade as the core of the new business system. January 2012, Huai Ore logistics 100 million yuan wholly invested in the acquisition of Shanghai Still E-commerce Company. After the reorganization of the Still to carry out a comprehensive transformation, to abandon the COSCO trading, fully committed to the bulk of the means of production of the spot electronic trading field, its research and development of "platform + base" Integrated operation mode becomes the biggest selling point of Huai Ore logistics. Reporter learned that the model is the original Huai Ore logistics Chairman Wang Xiaoxiu leading design. According to Wang Xiaoxiu's interpretation, the "platform + base" model eliminates the involvement of traders, the factory will be produced after the production of steel is deposited in the storage center of the Still, the purchaser through the Still after the order, the funds deposited in the third party depository account, Still is responsible for the steel from the storage center shipped out delivery, and finally transfer the money to the steel mills. In fact, the launch of the platform is indeed a hot pursuit of steel traders. Huai Mine logistics business income from the acquisition of Still before the 28.979 billion yuan, to 2012 of 31.4 billion yuan, to 2013 to 33.073 billion yuan, accounting for the company's total revenue of more than 96%. However, unexpectedly, this self-proclaimed as impregnable Still platform is finally out of the question, and the fuse is the Still platform greatly praised the Xilin steel. According to the latest bulletin of the logistics of Wanjiang, Huai Ore logistics on the one hand, the loan is overdue, on the other hand, a large amount of accounts receivable or bad debts, and Wang Xiaoxiu in the audit found significant accounts receivable bad debts risk, listed companies may have significant losses. So how much is the bad debt expected? from which customers? Wanjiang Logistics has not yet disclosed, and reporters on the relevant issues to the company sent an interview letter to the press when the answer was not received. But as early as this July, the Still platform has been involved in the Westwood Steel Capital chain break event. At that time, media reports said that the largest steel enterprises in Heilongjiang Province, Xilin Steel group in the first quarter of debt 19 billion face bankruptcy, and the steel mill is one of the eight Still platform, but also for the Westwood Steel has done hundreds of millions of yuan "pallet" business. Subsequently, the company announced that the Xilin Steel occupies the Huai ore logistics 210 million yuan of the risk of bad debts, the company is taking the transfer of goods, finished goods inventory disposal, fixed assets and other measures to ensure that its occupation of the Huai Ore logistics funds will not appear bad debts risk. However, according to the foregoing analysis, the new Still platform is the spot trading model, there is no credit or the possibility of arrears, then how can the Xilin steel arrears Still platform Huge 210 million of funds? Originally, in the early 2014, in order to further strengthen the regional trade of Xilin, while extending supply chain cooperation, HUAI-ore logistics for the Xilin iron and steel agents to carry out the procurement of raw materials business. “If strictly according to the original spot trading model, Huai Ore logistics will not have such a high debt, but in fact, the listed company's assets and liabilities ratio of more than 80%, indicating that the company's business is still the traditional agent procurement. "Nanjing a steel trade business owner Mr. Sun to reporter analysis, most likely is Huai ore logistics in order to expand the scale of business, there are illegal operations." Data show that Wang Xiaoxiu 50 years old, has been working in the Huai mining group for decades, in addition to Ren Huai Mining Logistics chairman, but also a listed company director, deputy general Manager. Wang was detained for the reason is "abuse of power, serious dereliction of duty", but the Jiangsu East Heng law firm lawyer Chong Schie that the crime is mainly for state officials, Wang's identity does not apply, so may be the final charge is not determined. However, according to a person in Wanjiang logistics, "platform + base" model was created by him, but in fact, Huai ore logistics may violate the established operating procedures, such as the failure to check the value of the steel warehouse, a large number of customer cushion, guarantee and so on. It is understood that up to now, with the Huai Ore logistics cooperation more than 10 banks, including Societe Generale, Everbright Bank [micro-BO], Huaxia Bank, Ping An bank, Minsheng Bank, and so on, only the first half of this year to the Huai Ore logistics of the cumulative credit is as high as 70 billion yuan. Data show that as of the end of June this year, the logistics flow of Wanjiang as high as 20.4 billion yuan, liquidity only 22.9 billion yuan, which means that a little careless will occur capital chain break. Allegedly conceal the financial situation in fact, the logistics of Wanjiang Capital has been very tense, and Huai Ore logistics is a "suck gold beast." Data show that 2011 Huai Coal Logistics registered capital of 300 million yuan, the asset-liability ratio of up to 95.81%. Since then, the registered capital has reached 2 billion yuan. At the same time, in order to replenish funds, logistics and its subsidiaries to the logistics companies issued billions of yuan commissioned loans to alleviate the capital thirst. According to the company's annual report estimates, Huai Ore logistics 2014 demand for liquidity loans up to 5 billion yuan, accounting for the listed companies total loan plan 94%. But Huai Ore logistics by Minsheng Bank lawsuit still let a lot of industry people realize Huai Ore logistics capital chain deterioration degree is likely beyond imagination, then Huai Mineral Logistics financial status in this six months exactly what happened? What happened to the Still platform? Wanjiang Logistics has not been disclosed to investors in detail. "Generally speaking, banks do not have to sue customers, especially listed companies, it must be overdue after the loan has been communicated many times, but the talks collapsed, the company has no additional guarantees or other feasible repayment plan." "One of the bank's credit department analysts said. After the emergence of the Xilin steel debt crisis, the Heilongjiang provincial government set up a joint working group, in order to reduce inventory and raw material consumption funds, starting from July, the Xilin steel actually stopped spot sales, restore the traditional pre-payment sales, which means that the Xilin Steel has ceased to Still warehouse collateral, Huai Mine Logistics receivables appear unable to recover the risk, and this situation listed companies do not disclose truthfully. Reporter inquires The historical earnings also found that from2013 Annual report began, Wanjiang Logistics did not disclose the main subsidiaries of the operating situation, the listed companies accounted for more than 96% of the Huai Ore logistics financial data are also unknown. Investors are more sceptical that Wang Xiaoxiu was due to expire at the end of March this year, but it was not until September 10 that the company announced that it had identified problems in its exit audit. "The exit audit should be 5 months to find out the problem, how the company's annual report audit?" Does the financial department of the listed company not find any problems? "One investor said. So how long does it take to exit the audit? "It depends on how big the company is, generally two months," an investment banker told reporters. But in my experience, if you don't get out of the retirement age in a state-owned enterprise, it's either a promotion or a certain problem. "Fortunately, 1.5 months before the incident, the third private distribution of Wanjiang logistics has been approved by the SFC [micro-BO], the proposed increase of 450 million yuan, all for repayment of loans and supplementary liquidity."