Foshan leading plastic mold RMB 200 million in debt

 

    August 16, Nanhai District, Foshan Xiaotang in new industrial areas throughout the East Plastic Co., Ltd. (hereinafter referred to as "Oriental Plastic"), his boss started swimming hole can not contact, three days later, the boss is confirmed have been avoiding the debt hole exit .

 

    In addition to the missing hole with their families, there is the company's financial officer. They left behind a group of stunned executives, and a mysterious group of corporate debt.

 

    Foshan Oriental Plastic is plastic mold industry leader, it is hundreds of upstream raw materials suppliers, processors, and downstream is the United States and other large enterprises. The owner of the missing holes, will inevitably have to fall into the hidden mold plastic industry to bring shock.

 

    Foshan Oriental Plastic may be the precursor of a business crisis.

 

    Boss hole disappears

 

    Foshan Nanhai swimming hole is its people, the family fled before the disappearance, he had 20 years of hard work in Foshan business.

 

    Trade and Industry Bureau, Foshan results show that in August 1990, swimming hole to 250,000 yuan founded its six joint South East Plastic Hardware Factory, the main business is plastic. Before 2004, he has set foot in the paper, real estate and food processing.

 

    Only a number of industrial plastics business to be retained, moved in 2003 after the current site, the main air-conditioning, washing machines, refrigerators and other plastic shell. In the enterprise registered capital of 60 million yuan, accounting for 70.67% shares of my hole, the other is his son and nephew.

 

    After eight years of growth, the East is currently an area of ​​120 acres of plastic, with 1,100 workers, and among the top two local injection molding industry. Minister Chen Guoqing manufactured told reporters, about 30 million monthly turnover.

 

    Eastern Plastics company website says, Our main customers are Daikin, Toshiba appliances, Kelon refrigerator, air conditioning and beauty appliances Hualing, TCL, Galanz, Honda, Nissan, Toyota.

 

    August 19, Chen Guoqing and that the majority of their escape after the swimming hole was puzzled: the company is currently operating a smooth and even booming, but also to put forward an ambitious turnover of 380 million yuan last year, based on 070 million more to do dollars, then fled the hole boss why?

 

    This scene and this year took place in July in Dongguan garment factory closed down is quite good given similar - more than 2,000 workers were shocked to find that the surface prosperity of the company behind the funding chain has been broken, the owner fled to hide debt and unemployment.

 

    At first, the good factory set to flee the accident in the fact that, given good boss is the native town of Kau Wan Road, in business 20 years, there are factories, land, reliable. But he eventually throwing millions of dollars of debt just walk away.

 

    The owner of the escape hole exactly the same. The difference is, this boss of the factory Foshan larger, higher debt owed.

 

    200 million in debt

 

    According to reports, the boss from the 16th hole disappeared, to 18 pm, news of workers, banks, spread among suppliers. The first bank to court and ask for the preservation of property seized.

 

    The afternoon of August 19, Foshan Intermediate People's Court came to the door post company announcements, Nanhai Yanbu rural credit cooperatives credit unions sued employers nearly $ 100 million hole the outstanding bank loans, the court will freeze the company's property.

 

    To 24, the South China Sea have received 26 East Court plastic debt sue, and have on file. The subject matter of litigation amounted to more than 7800 million, of which 4,000 million from the Merchants Bank (12.02,0.17,1.43%) of the loans, while more than 30 million principal amount owed to suppliers.

 

    Others claim home loan shark debts. According to their claims of those caliber, there are executives estimated that the hole through the boss no less than 50 million yuan of loan sharks. This calculation, the owner of a well run, get rid of a total of no less than $ 200 million debt.

 

    Eastern Plastics is a typical family business, from shareholders to each core department heads are holes home of their own. For the company's financial, vice president usually does not touch upon several powers, now is a vague, can only guess, therefore, why the sudden escape for the boss, but also the general confusion and outsiders.

 

    Home about why the escape hole, say diverse. A local court have also guess: maybe the boss hole in Macau gambling is lost, because the local court has encountered many similar cases.

 

    These claims are that this has nothing to do and the company operations.

 

    But this year, Orient Plastic Factory operating pressure increase.

 

    Middle East Plastic Factory sources, the U.S. company this year, put some air-conditioning the transfer of production to Wuhu, Anhui, which directly led to sales in the United States east of plastic dropped 10%.

 

    The United States is the largest customer for the East of plastic, about 30 million in monthly sales, sold to U.S. companies and their brands Hualing plastic air conditioning sales of about 20 million yuan, accounting for 60% of the high percentage.

 

    March and April of this year, subject to the impact of the earthquake in Japan, the Japanese-funded enterprises in China, in varying degrees, be affected. Honda Auto Parts Manufacturing Co., the South China Sea because of Honda's base in Japan, parts factories closed and once damaged discontinued. As the core component of transport from Japan, some of the local production of Japanese home appliance companies are also affected.

 

    Customers in the plastic structure of the East, in addition to large customers outside the United States, other than those located in Foshan, a local Japanese companies. Oriental plastic orders inevitably been affected.

 

    At the same time, raw material prices, in the first half of the erosion of corporate profits is not a small one. According to Liu's procurement staff introduced, plastic is a derivative petrochemical products, purchase prices are soaring along with oil prices skyrocketing. Procurement personnel according to the company in September last year, ABS, PS, PP and other types of plastics, the price is 17,500 yuan per ton, 11,000 yuan, 12,000 yuan. By April this year, prices rose to 19,000 yuan, 14,500 yuan, 14,500 yuan, or are not small.

 

    Nevertheless, in the lower reaches of large customers, did not result in price increases to the east of plastic. According to the United States for the East of plastic, Toshiba and other companies offer staff, in the past year, they did not rise over the mouth of the offer.

 

    Another company executives and even explained that it in fact a large number of downstream customers east of plastic money owed, and frequently million.

 

    Boss in the hole before leaving, the prosperity of the East of plastic, it is more prosperous over the last few years of inertia.

 

    Domino

 

    In fact, in the upstream, smaller-scale suppliers who have in the past two years, the industry felt the pressure. "Oh do, do worse year after year, getting lower and lower profits." Director Lee complained. He is the owner of the South China Sea a plastics factory, in addition to the owner of the goods sold to holes, but also sold a number of export toy factory.

 

    However, the rising cost of raw materials, orders have recruitment difficulties, hire the workers have to bear the 2-year wage increase of 30%. Many toy companies with downstream unable to help themselves, and director Lee extreme anxiety, credit such a good hole boss is gone, how to do this next.

 

    Owner fled after the hole, located upstream suppliers, processors, and many forced into near-death situation.

 

    Old Liu is the owner of a local factory, men only a few machines and more than 20 workers, this small plant's survival depends on the Orient plastic gift they get from the east of plastic materials to be processed into the plastic air conditioner parts, sometimes will do for others and some plastic syringes.

 

    Old Liu is currently a small factory underemployment, can only do seven or eight million per month of products, open enough workers to do a monthly $ 100,000. "August and September is the off-season, certainly a loss, I give the workers wages, possessor of them."

 

    Eastern Plastics old Liu 620,000 yuan owed fees. Hole boss ran, almost to the old Liu life. But he is not the worst.

 

    Company procurement staff, in the incident two months ago, the company can not bring money to the supplier. A company called "East Jialin" suppliers, long-term cooperation and the East of plastic, 6 million yuan was owed money. Another "Run Hongxiang" is a new company soon, two consecutive month sent hundreds of tons of plastic, but so far did not get a dime, which is likely to lead to the collapse of profit Hongxiang.

 

    The upper reaches of the East more than 100 plastic raw materials, auxiliary materials suppliers. Old Liu said that many factories around the plastics factory in the east, the nearest supply, survival also depends Oriental plastic. Oriental plastic after the fall, around the small yard is now looking for other customers. But it is clear that they are difficult to find a company the size Oriental plastic instead. Thus, the hole boss to flee, the local shock caused by the injection molding industry is not small.

 

    As the factories closed, the East Plastics received orders to retreat before a single treatment. Oriental plastic mold plastic is the leading local, get here before the plastic case from the United States, Honda, Toshiba and other plants, will inevitably be affected. Especially in the United States, the company management personnel, the United States each year to sell 50 million sets of plastic shell.

 

    Hole boss ran away, leaving 1,100 workers anxious pay talks. 21, the local town government has promised on Friday to advance in the week all the wages of workers, a total of 14 million yuan. Then the workers back to the dormitory, while other hair wages, while wondering where the next house.

 

    Chen Guoqing not worried about the future path. Chen two years ago, from the U.S. company was "digging" over, then start manufacturing the plastic head of the East, men have more than 800 regular workers and more than 90 technical staff. And he can receive 8,000 a month the money paid.

 

    PRD enterprises still bear the labor shortage problems. Hole boss did not take long to escape, appeared in front of the company's three recruiting booth, next to the station full treatment of the East came to inquire about plastic workers. Chen Guoqing Glanz also continues to receive from the United States and other enterprises extend the olive branch. These companies need managers like him, hundreds of his men need skilled workers - that he may eventually choose Glanz, and brought two or three hundred workers. 
The news. come from injection-molding-manufacturers.com