Key Enterprises Of Chemical Fiber Comprehensive Production Of Feng Ming Synthetic Fiber

At the door of the company, passers-by, looking at the court's civil ruling, the government's emergency rehabilitation, actively sought the right way to realize the reorganization of assets. 19 days later, a pale "stop production announcement" made the thousands of workers in Tongxiang Feng Ming Synthetic Fiber Co. Ltd. worried.

On the same day, the company, which once ranked twenty-ninth in the sales volume of the national chemical fiber industry, was declared to suspend production from now on in the light of the impact of the international financial crisis, increased production costs and difficulties in capital turnover.

The information from the Information Office of the Tongxiang municipal government shows that after the company announces the suspension of production, the work of collecting and settling wages, approving assets and identifying claims and debts has been carried out in an all-round way. The specialized working group composed of relevant departments has been stationed in enterprises for the first time, assisting, guiding and urging enterprises to pay wages and settle accounts for employees, to check and verify assets and maintain stability.

Three court decisions yesterday, the 198 of Jinji road in zhouquan town of Tongxiang was a mess. The three court decisions in the eyes of reporters were particularly striking.

　　这三份落款同为桐乡市人民法院的民事裁定书显示：　　申请人中国银行股份有限公司桐乡支行因与被申请人桐乡市凤鸣合纤有限公司因借贷合同纠纷申请诉前财产保全，于2008年11月19日向本院提出申请，要求对被申请人的银行存款650万元或相应价值的财产予以冻结、查封、扣押；　　申请人中国银行股份有限公司桐乡支行因与被申请人桐乡市新晨化纤有限公司因票据纠纷申请诉前财产保全，于2008年11月19日向本院提出申请，要求对被申请人的银行存款330万元或相应价值的财产予以冻结、查封、扣押；　　申请人中国银行股份有限公司桐乡支行因与被申请人桐乡市鑫隆新合纤有限公司因借贷合同纠纷申请诉前财产保全，于2008年11月19日向本院提出申请，要求对被申请人的银行存款610万元或相应价值的财产予以冻结、查封、扣押。

Public information shows that in 1999, Tongxiang Feng Ming chemical fiber factory was carrying out the structural reform and establishing Tongxiang Feng Ming Synthetic Fiber Co., Ltd., fan Xin Xing served as chairman and general manager.

In 2000, the company invested 320 million yuan in the land acquisition of Tongxiang Economic Development Zone, Xinlong New Synthetic Fiber Co., Ltd. and Jiaxing New Synthetic Fiber Co., Ltd., which was completed in three phases.

At the end of 2003, the company invested 400 million yuan to land 300 mu in Feng Ming Street in Tongxiang, set up Tongxiang new morning Chemical Fiber Co., Ltd., and introduced Beijing Zhongli FDY automatic production equipment, which was put into operation in April 2005.

All because of the price of oil, so it seems that the problem of "Feng Ming synthetic fiber" is the capital chain.

Huang Daqi, an industrial assistant from zhouquan Town, Tongxiang, said that the production of "Feng Ming synthetic fiber" was not a bad operation, but also related to the international environment and climate.

In July this year, the international crude oil prices rose sharply, more than 147 dollars per barrel. As the raw material of crude oil, the production cost of the "Feng Ming synthetic fiber" increased sharply. The expensive raw materials once occupied a large amount of capital, resulting in a tight chain of funds; and the "purchase production sales" needed a certain cycle, coupled with the recent impact of the international financial crisis, the rapid decline in product prices, the increase in inventory and the slow return of funds, which eventually led to the breakup of capital chain.

Statistics show that since the beginning of this year, the output value of the company has shown a downward trend.

In the first half of October this year, the total industrial output value of the company decreased by 17.5% compared to the same period last year.

In October, the output value was 89 million 840 thousand yuan, and the output value in July, August and September was 96 million 870 thousand yuan, 102 million yuan and 119 million yuan respectively.

After the financial difficulties, the company tried every possible means to raise funds to repay the mature bank loans.

The relevant government departments have also actively coordinated to study ways to solve difficulties and overcome difficulties, and to maximize the rights and interests of thousands of employees and help enterprises tide over difficulties.

Zhao Yuhua, deputy secretary of the Propaganda Department of Tongxiang municipal Party committee, said that due to the recent maturity of bank loans, enterprises did not have enough working capital to repay loans. In order to avoid greater losses and maximize the interests of all employees, the company decided to suspend production on November 19, 2008.

Who will take up the plate?

The materials provided by Tongxiang municipal government information office said that Tongxiang Feng Ming Synthetic Fiber Co., Ltd. is a key enterprise in Tongxiang chemical fiber industry. Founded in 1996, there are 5 independent accounting companies located in Tongxiang Economic Development Zone, Feng Ming street and Chizhou spring town respectively.

The annual production capacity of the company's chemical fiber is 170 thousand tons, and its sales output value is 2 billion 60 million yuan in 2007, with a profit of 35 million 20 thousand yuan.

When such a big enterprise is suspended for an instant, who will take it?

Zhao Yuhua said that the company has begun to actively seek appropriate ways to achieve asset restructuring.

According to legend, there is already a large chemical fiber enterprise in Chau Chuen, which shows some interest in restructuring.

Zhao Yuhua said that the asset reorganization of "Feng Ming synthetic fiber" has been actively promoted.

He also stressed that the production suspension of "Feng Ming synthetic fiber" is only a case. At present, the entire chemical fiber industry in Tongxiang is confident and stable in production.

Some market participants say that the suspension of production of "Feng Ming synthetic fiber" will again trigger attention to the current situation of chemical fiber manufacturing industry in our city.

From the perspective of the current petrochemical industry chain, profits are increasingly shifting to the upstream. Downstream chemical, plastic, chemical raw materials and other enterprises have relatively surplus capacity. They have no independent pricing power, and the cost can not be pferred freely. They can only digest themselves. Upstream refineries and ethylene producers have strong bargaining power, making profits continue to move upstream along the industrial chain.