January 3, 2017 News: Baili Rubber Tire Co., Ltd. (hereinafter referred to as Baili Tire), which had planned to become a large-scale tire
manufacturer in China, has to repay the debt by selling off its factories and equipment. The company's plant and equipment will be photographed on the judicial auction channel from January 10, 2017 to October 10, 2017.
It is understood that Baili Tire's corresponding asset evaluation price of 371.2 million yuan, selling price of 208.1 million yuan, of which equipment auction 40.02 million yuan. These two assets are in fact the same assets as the Baili Rubber Tire to be photographed on the 9th, and the relevant creditors are worried that the corresponding assets may not be able to be packaged and auctioned. Therefore, they plan to separate the auction again.
Baili Rubber Tire Co., Ltd.
According to relevant sources of the Agricultural Bank of Wenzhou Branch, the solar auction of the plant and equipment of Baili Rubber Tire Co., Ltd. involves only its renovated factory buildings and transformers and other ancillary facilities of the Agricultural Bank of China. Its production equipment and ancillary facilities involve other creditors.
ABC's Wenzhou Branch official said that as of January 2, 2017, no one has signed up for the auction, but since the assets were announced on the Taobao Justice Channel, there have been five companies that have inquired about the situation, and some companies have the intention to do so. Participate in racquets.
Baili Rubber Tire Co., Ltd. was established in December 2005 and its legal representative is Zhang Hongjie, a Brazilian compatriot, who is a foreign-invested company. The first phase of the total investment of about 200 million US dollars, to build an annual output of more than 900 million high-performance meridian light trucks, car tires. The production base is located in Baili Rubber Industrial Park, Wenzhou Economic and Technological Development Zone, with a construction area of â€‹â€‹approximately 135,000 square meters and an area of â€‹â€‹approximately 200,000 square meters. The R&D center is located in the Binhai Park, Wenzhou, and covers an area of â€‹â€‹approximately 18,000 square meters. The tire brands include BRILAND and BRILHO (Brazil brand), and are mainly used for high-end models such as GM, Volkswagen, Audi, BMW, and Mercedes-Benz.
The second phase of the investment is about 250 million U.S. dollars. It is expected that in July 2012, it will start an annual production of 3 million pieces of all-steel radial truck tires and 13 million annual production of semi-steel high-performance radial tires. After all the projects have reached production, the annual sales revenue will reach about 1.6 billion U.S. dollars, which will become one of China's top 10 radial tire production bases.
At the 2012 Fengyun Zheshang Awards Ceremony, Zhang Hongjie said in an interview with Zhejiang TV Station that in 2005 it was back to Wenzhou to establish the Baili Rubber Tire Project. The project was formally opened in 2008 and initially planned to produce 10 million tires per year. Shortly after the project was completed, its funds were stretched and the production scale was reduced to 6 million tires per year.
According to informed sources, Baili Tire Chairman Zhang Hongjieâ€™s investment in Baileyâ€™s rubber tires mainly relied on its own funds and bank loans, which were too large for the beginning and were met with Wenzhouâ€™s private lending turmoil. After the enterprise was put into production, its production capacity did not keep up, eventually resulting in the inability to pay bank loan interest in a timely manner.
According to relevant sources of the Agricultural Bank of China Wenzhou Branch, which is the largest creditor of Baili Rubber Tire, the Agricultural Bank of Wenzhou Branch began to provide financing to the company when the companyâ€™s project was located in Wenzhou. Beginning in 2013, Baili could not afford to pay interest. The branch had helped them, but the company was still weak. The branch appealed to the court in 2015 and demanded to sell the collateral.
It is understood that the loan from the Agricultural Bank of Wenzhou Branch to Baili Rubber Tire is mainly used for fixed asset investment and liquidity, and the loan principal amounted to more than 2.7 billion yuan. We inquire about public information and found that Baili Rubber Tire and ICBC Wenzhou Branch and other banks all had financial loan disputes, involving an amount of RMB 120 million.
According to the employees of Bailey Tire, Baili Tire announced on August 14, 2015 that the company had to suspend production for rectification and that it needed to go on holiday. The holiday began on August 28, and it has not been restarted. The wages owed to employees did not pay, so some employees also reported to the court.
After decades of development, Chinese tire companies rely on the traditional development model of expanding investment in credit capital and expanding in low-level repeated construction. They have already become the worldâ€™s largest tire producer, but they also cause relatively low-end production capacity in the tire industry. Severe product homogeneity. However, after 2012, China's tire industry entered the cold winter, and this period happens to be that this part of the tire business has just expanded production capacity, has not entered the profit period. As a result, the backlog of products, the fracture of the capital chain, the inability to borrow money, and the inability of employees to pay their wages have become the status quo of this part of the company.
The sale of the Baili Tire Factory was a microcosm of this part of the tire industry. Dreibault was auctioned off, Guoyi Rubber was auctioned, and Hengyu Tire could not make any loans or pay staff. We saw many tires. Enterprises are pursuing short-term benefits and blindly expanding their production capacity, causing companies to enter into difficulties. And this part of the company without exception, all rely on bank borrowing to expand production capacity in an orderly manner, and ultimately to the fate of the collapse of the auction.
According to the rough statistics of the China Rubber Industry Association, there are about 500 tire companies in China, among which about 300 companies (including foreign-funded enterprises) that have passed the compulsory certification of CCC products, and industrial, agricultural, and construction machinery vehicle tires and other tire products have not been listed in the CCC. Certification scope. There are about 108 national radial tire production enterprises, including 22 state-owned enterprises, 53 private enterprises, and 33 foreign-funded enterprises.
According to the following table, during the period from 2010 to 2015, the tire industry in China gradually strengthened its efforts to clean up the tire industry, eliminated 14 "zombie enterprises", and had a total of 24.8 million low-end products, and the phase-out was yearly. Upward trend.
With the slowdown of the world economy, the country will eliminate backward production capacity, environmental protection, and export restrictions. Some enterprises that do not have core competitiveness and rely only on low-quality and low-price products will not withstand manufacturing costs and severe competition in the industry. The production line was shut down, debts were in full, and the transfer was closed. Coupled with the intensification of the US and the United States, the survival environment of many SMEs that rely on low-cost exports will be even worse! In the future, China's tire companies will have a period of high tide of mergers and acquisitions, and not just the tire industry needs to be integrated. China's overcapacity industries will experience A phase of integration.
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