Huge Loss Of Wage Arrears Jincheng Paper Will Be St
Jincheng Share Report released today, the company not only did not from 2008, out of the shadow of the huge loss, but into a quagmire of litigation. As incomes fall and guarantee security and Litigation loss provision for large, Jincheng shares following the loss of 189 million yuan in 2008, after another loss of 139 million. Ended December 31, 2009, Jincheng undistributed profits to -5.18 million shares. As the huge losses for two consecutive years, Jincheng, Shenzhen Stock Exchange shares will be the implementation of “risk delisting warning” special treatment.
Environmental protection Rectifying struggling The last 4 years, Jincheng shares only profit 65.7365 million yuan in 2007. In 2008, the company was 7 months of environmental suspend production for rectification, production stagnated during this period, adversely affected the results. In 2009 the company resumed normal production and operation, the annual total production of 84,000 tons of paper, adhesives 178 thousand tons, to achieve
Sell Income of 400 million yuan. However, environmental protection, and debug
Financial Crisis Papermaking The impact of the industry the company selling prices, lower sales revenue, amortization of the cost of the difficulties, the annual loss of 140 million yuan.
Environmental problems seriously affected the pace of development Jincheng shares, its board of directors that, given the company has completed and the basic completion of the sewage treatment plant, constructed wetlands, plant desulfurization eight environmental projects, the current wetland construction and sewage COD indicators to local standards in Liaoning Province that is 50mg / L of the work is being actively promoted, so to solve the most important measure is the loss of “environmental governance stage ending.”
Do not know if that resulted in huge loss and disheartened, Jincheng shares four directors?? Zhang Bing-kun, Jiang Qiu Lei, high into the military, Huang Yu are on business did not attend the annual meeting of the Board considered and did not delegate the exercise of the right to vote on behalf of other directors. Nevertheless, the Jincheng shares or the production of 2010 targeting production of 150,000 tons of paper, adhesives 260 thousand tons, and strive to turn around.
Heavy debt owed wages Jincheng late 2009, shares outstanding loan amount of 098 million yuan, 152 million unpaid taxes, unpaid tax surcharge only on more than 100 million yuan. Such a high debt situation, the normal wage workers unsustainable, 2009 the company owed workers a total pay 55,034,960.19 dollars. The deadline December 31, 2009, Jincheng shares were a total of 2936 registered members, that is owed to each employee an average of 18,744 yuan. The company said, owed some major pension insurance for workers and medical insurance.
In addition, there is provision for Jincheng shares is expected to guarantee the carrying amount of the loss of 233 million yuan. 2001 to 2003, the company Jinzhou Coloured Ribbons
Plastic Group Co., Ltd. 8,539 million bank loan guarantee. In 2006, the Company and Liaoning Coloured Ribbons Plastic Co., Ltd. is a new limited liability company in Jinzhou Plastics Anwell secured 5.5 million yuan of bank loans. These two guarantees have failed to make payments because the debtor has been prosecuted bank. Jincheng Share this provision for the 7,776.3 million, respectively, and 2.5 million yuan of projected liabilities.
Jincheng shares itself for failing to repayment of the Bank of Communications in 2002 to 49.63 million yuan loan Jinzhou branch was prosecuted. Drag January 7, 2009, and finally come up with 20 million yuan back to Jinzhou branch of the Bank of Communications, will be the case closed. The company’s overdue debt is mainly owed to the Guangzhou Branch of China Everbright Bank branches in East Central 30 million yuan and 1,000 yuan interest.
In view of the “poor” performance in the prospective accounting firm for the band emphasized items issued unqualified audit reports that shares in Jincheng, “continued viability of the significant uncertainty exists.”
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