An overseas construction company with sales revenue of over 10 billion yuan for eight consecutive years from 2007 to 2014 was once the 8th in the world's top 500 machine tool industry by the American Metals Association and the number one in the Chinese machine tool industry. Dalian Machine Tool Group Co., Ltd. (hereinafter referred to as "Dalian Machine Tool"), one of the eighteen arhats in the national machine tool industry in China, was in a state of bankruptcy and reorganization. As of the deadline for the declaration of bankruptcy and reorganization claims on January 31, five companies associated with Dalian Machine Tool have received more than 30 billion yuan of claims from more than 200 creditors, including duplicate claims due to secured claims. Review and determine these claims work. A year ago, I was investing billions of yuan in the domestic production base, and Dalian's first machine tool manufacturer in Russia, the Dalian machine tool set up in Russia, in the face of the cold impact of the international machine tool industry and the domestic economic downturn. No, the urgent need for funds but the financing was blocked, causing a series of vicious circle of debt crisis and devastating, in this round of supply-side reforms have to go bankruptcy and reorganization. After an in-depth investigation, the reporter of "China Times" found that Dalian machine tools not only have an ordinary debt crisis, but from September to November 2016, Dalian Machine Tools passed the fictitious accounts receivable, forgery of contracts and official seals from the trust institutions. Defrauding "funded funds of 600 million yuan, or suspected of economic crimes. Fictional accounts receivable A Jiangxi Yang surname investor described his investment process. In September 2016, Zhongjiang Trust launched the “Zhongjiang International·Jinhe 189 Dalian Machine Tool Industry Investment Collective Fund Trust Plan” (hereinafter referred to as “ The product of Jinhe No. 189"), seeing that the sponsoring unit is indeed a formal financial institution, purchased the product and waited for the proceeds. Relevant information shows that the “Jinhe 189” issuer is Zhongjiang International Trust Co., Ltd. (hereinafter referred to as “Zhongjiang Trust”), the issuance time is August 20, 2016, and the interest payment method is half-year interest payment. The financing entity is Dalian. Machine Tool Group Co., Ltd., the purpose of funds is to supplement the company's liquidity funds, enhance the company's sustainable management capabilities and corporate liquidity. When a professional investor checks the trust product, the most important thing is to look at the source of the repayment, the guarantor and the risk control measures. The “Jinhe 189” repayment source is the operating income of Dalian Machine Tool Group, which guarantees the operating income of Gao Jin Technology. The risk control measures include the management company's investment company Dalian Gaojin Technology Development Co., Ltd. (hereinafter referred to as “Dalian Gaojin Technology”) to provide guarantee, Dalian Gaojin Technology actual controller and its spouse to provide joint and several liability guarantee, other guarantees, contract 7.59. The pledge of 100 million accounts receivable and the pledge guarantee of other property. According to relevant information, Dalian Jinjin Technology Development Co., Ltd., the main body of the “Jinhe 189” trust product guarantee company, is an investment company controlled by Dalian Machine Tool Management. It owns subsidiaries such as CNC Shares, Resources Group and Zhongyong Group. It is worth noting that the listed company's Huadong CNC (*ST East) is known as “Industry 4.0 First Share” and the guarantee party Gaojin Technology is its largest shareholder. The national machine tool industry with a total asset of over 23 billion is the main body of financing. The management controls and Gaojin Technology, the major shareholder of the listed company, is the main body of guarantee. The most important thing is the contract of 759 million accounts receivable. This fundraising 6 The trust funds of 100 million yuan seem to be very reliable. According to relevant information provided by Zhongjiang Trust to Huaxia Times, the “Jinhe No. 189” trust plan was issued in six phases, and a total of 600 million yuan of trust funds were raised to 167 public investors, including the first trust fund of 158.48 million. Yuan, the second phase of trust funds of 145.22 million yuan, the third phase of trust funds of 128.10 million yuan, the fourth phase of trust funds of 97.31 million yuan, the fifth phase of trust funds of 41.49 million yuan, the sixth phase of trust funds of 29.4 million yuan, and respectively On September 6, 2016, September 7, September 9, September 23, October 14, and November 4, 2016, a total of 600 million yuan of trust funds were paid to Dalian Machine Tool Group. However, many investors who invested in the “Jinhe 189” trust plan found in a short time that the Dalian machine tool had defaulted on the public debt, and then the interest on the trust product that had expired was also unpaid. The problem. “We can't believe that Dalian Machine Tool will default.” One investor said that local investors have learned that Zhongjiang Trust has a back-up in this project because Huizhou BYD Electronics Co., Ltd. was provided when Dalian Machine Tool applied for trust financing. The “BYD” is owed to its 759 million accounts receivable for pledge. Unexpectedly, the so-called 750 million yuan of accounts receivable is in vain, and even the "Notice of Transfer of Creditor's Rights" provided by Dalian Machine Tool Group and the official seal of Huizhou BYD Electronics Co., Ltd., which is stamped with documents, are forged. In April 2017, BYD responded to the Jiangxi Provincial Higher People's Court hearing the civil cases of Zhongjiang Trust v. Dalian Machine Tool and other enterprises: Zhongjiang Trust's “Accounts Receivable Credit Transfer and Repurchase Contract” presented to us by our company The creditor's rights and debts of Dalian Machine Tool are not real. Our company has no business dealings with Dalian Machine Tool; the “Debt Confirmation Letter” attached to the aforementioned contract is a false document, and the official seal and authorized agent of our company are displayed in the “Debt Confirmation Letter”. Signatures are forged. Before the above contract and documents were presented to our company by Zhongjiang Trust, our company did not know all the contents. BYD Electronics said that as of April 11, 2017, our company and Dalian Machine Tool Group Co., Ltd., Dalian Gaojin Technology Development Co., Ltd., Dalian Gaojin CNC Group Co., Ltd., Dalian Gaojin CNC Co., Ltd., Dalian Huagen Machinery Co., Ltd. Dalian Huagen Precision Machine Tool Co., Ltd. has no business dealings and there is no account payable. Upon inquiry, our company has a procurement business relationship with Dalian Machine Tool Marketing Co., Ltd. As of April 11, 2017, our company's outstanding unpaid payment for Dalian Machine Tool Marketing Co., Ltd. totaled RMB 10,742,400, and the rest of the payment for the transaction was settled. BYD owed more than one million yuan in Dalian machine tools, but it suddenly became 759 million "accounts receivable" when applying for trust. The relevant person in charge of Zhongjiang Trust told the China Times that in August 2016, Dalian Machine Tool took the initiative to find Zhongjiang Trust for financing. In the financing, Dalian Machine Tool provided its “legally owned” nearly 760 million yuan to Huizhou BYD Electronics Co., Ltd. Receiving debts. Regarding the details of accounts receivable, the relevant person in charge of Zhongjiang Trust said: "On August 23, 2016, Dalian machine tool related personnel took the relevant personnel of Zhongjiang Trust to Huizhou BYD Electronics Co., Ltd. to return and seal the "Debt Transfer Notice". The so-called Huizhou BYD Electronics Co., Ltd. has signed and stamped the official seal.” “From September to November 2016, Dalian Machine Tool Group Co., Ltd., through fictitious accounts receivable, forgery of contracts and official seals, from me The company defrauded the funds of 600 million yuan. After discovering these criminal clues, our company immediately reported the case to the Jiangxi Provincial Public Security Bureau in May 2017. The Jiangxi Provincial Public Security Department had filed a lawsuit against Dalian Machine Tool for fraudulently obtaining loans in September 2017. An insider of Zhongjiang Trust, who did not want to be named, told the China Times reporter that during the period of November-December 2017, a deputy general manager and chief financial officer of Dalian Machine Tool had been controlled by the Jiangxi police, and the most important chairman of Dalian Machine Tool Chen Yongkai I don't know where to go. The huge debt crisis Dalian machine tool debt crisis was first revealed on November 21, 2016. Dalian Machine Tool said at the time that due to "technical" reasons, "15 Machine Tool CP003" delayed the payment of principal and interest on November 22, 2016, and the rating agency lowered the company. The long-term credit rating of the entity is up to AA-, and the rating outlook is stable. On December 9, 2016, the rating agency lowered the long-term credit rating of the Dalian machine tool to A again and included it in the credit rating watch list. At that time, the relevant research institutions analyzed that Dalian Machine Tool claimed that the breach of contract was a technical reason, but even if the technical reason exists, its ability to eventually cause a breach of contract indicates that it is difficult for the company to coordinate the payment of funds from elsewhere. The above-mentioned first default has become the beginning of the intense exposure of the Dalian machine tool capital chain, and its future cash flow tension has caused more defaults since then. On December 12, 2016, Dalian Machine Tool issued the “16 Major Machine Tool SCP001” issued on March 16, 2016. The expiration date is December 11, 2016. It was not paid on December 12, 2016. Sexual default, the rating agency once again lowered the company's long-term credit rating to C, and lowered the debt level accordingly. On August 24, 2017, the China Association of Interbank Market Dealers announced the disposition of information on Dalian machine tools, and publicly condemned Chen Yunkai, the head of Dalian Machine Tool and Enterprise, and suspended the related business of Dalian Machine Tool Debt Financing Tools. As of February 28, 2018, Dalian Machine Tool "16 major machine tools SCPOO1", "16 major machine tools SCP002", "16 large machine SCP003", "16 major machine tools MTNOO1", "15 machine tool CP004", "15 machine tool PPNOO1", A number of bonds, such as “14 Machine Tool PPNOO1” and “15 Machine Tool MTNOO1”, constitute a substantial breach of contract. Dalian Machine Tool announced that the company and its subsidiaries were affected by many factors such as the downturn of the domestic macroeconomic environment, the adjustment of the company's product structure, and the hindrance of financing. At present, the capital chain is extremely tight, and bank insolvency and bank acceptance bills have been generated. According to incomplete statistics, up to now, Dalian Machine Tool default bonds totaled 3.8 billion yuan. In addition to bond defaults, it is even worse. Dalian Machine Tool and its subsidiaries have also experienced large overdue loans to other financial institutions, which have resulted in bank interest rates and bank acceptance bills. The latest credit reporting status of Dalian Machine Tool and its subsidiaries shows that on October 30, 2017, the accumulated interest rate of the company's consolidated caliber was 645 million yuan, the amount of bank acceptance bills was 2.071 billion yuan, and the amount of overdue loans was 5.319 billion yuan. The total amount of the above three items reached more than 8 billion yuan, accounting for 155.31% of the audited net assets at the end of 2015. Relevant data shows that Dalian Machine Tool has accumulated a loss of 204 million yuan, and its subsidiaries Dalian Machine Tool (CNC) Co., Ltd. and Dalian Huagen Machinery Co., Ltd. each owed 266 million yuan and 175 million yuan. The advances showed that the subsidiary CNC shares generated 1.572 billion yuan in bank acceptance bills, and the subsidiary Huagen Machinery generated 4.99 billion yuan in bank acceptance bills. The huge amount of financial institutions borrowing has also caused many financial institutions to “step on the thunder”. Among these interest rates, the amount ranges from tens of millions to millions. The largest Industrial Trust is 91.41 million yuan, and the smallest Antuon business bank is 4.46 million yuan, involving Jiangsu Bank, Changan Bank, Antu Nong Commercial Bank, Industrial Trust. , Ping An Trust, Zhongjiang Trust, Bank of China, China Construction Bank, Agricultural Bank, Hua Xia Bank, Bohai Bank, Ping An Bank, Guangfa Bank, China Merchants Bank, China CITIC Bank, Shengjing Bank, Industrial Bank, Rural Commercial Bank, Dalian Bank, Hebei Leasing 23 financial institutions including AVIC Leasing, Cinda Leasing and Great Wall Leasing. What makes these financial institutions even more troublesome may be that Dalian Machine Tool has overdue 5.319 billion yuan of loans, the largest of which is Bank of China, a total of 15 with an amount of 1.395 billion yuan, and other overdue loans that are greater than 5% of the previous year's net assets. They are 1 billion yuan for Industrial Trust; 800 million yuan for Ping An Trust; 900 million yuan for China Construction Bank; 300 million yuan for Industrial Bank; and 311 million yuan for Agricultural Bank. The bankruptcy reorganization of the serious debt crisis caused by Dalian Machine Tool has made it unable to pay off its debts due, and the assets are not enough to pay off all debts or obviously lack liquidity, and have to go bankrupt. Many investors including “Jinhe 189” trust investors have been unable to receive their investment income normally, and Dalian Machine Tool has also triggered multiple bond defaults. Gao Jin Technology, one of Dalian Motorcycle's parent company and one of the guarantees of the “Jinhe 189” trust plan, was involved in several lawsuits, and its 16.46% shares held by Huadong CNC were frozen by the judicial waiting list. On April 24, 2017, the application of Zhongjiang Trust, which was still in civil proceedings, was also preserved by the Jiangxi High Court on the shares of Huadong CNC held by Gaojin Technology. Since the first major shareholder held the company's shares due to the pre-litigation property preservation coefficient was frozen by the judicial waiting, East China CNC received a letter of concern from the Shenzhen Stock Exchange. In November 2017, the Dalian Intermediate People's Court ruled that Dalian Machine Tool Group and its five related companies officially entered the reorganization process and designated the reorganization manager. “Zhongjiang Trust reported in May 2017 that the public security organs had filed a suspected crime investigation on Dalian machine tools in September, and in the case of Dalian machine tool-related criminal suspects being controlled by Jiangxi police in November-December, Dalian Intermediate People’s Court announced Dalian The machine tool was bankrupted and reorganized; during this period, the relevant person in charge of Dalian Machine Tool Reorganization Manager and Zengjiang had contacted Zhongjiang Trust in Nanchang, Jiangxi, and hoped that the handling of the criminal case should not affect the reorganization of Dalian machine tools.” Zhongjiang Trust clearly stated that Zhongjiang Trust Responsible by many social investors, Dalian Machine Tool is suspected of criminal offences. According to the principle of first-in-class punishment, Zhongjiang Trust represents the majority of investors and firmly demands to find out the case as soon as possible and recover the property defrauded by Dalian Machine Tool. Maintain the interests of investors. The relevant person in charge of Zhongjiang Trust further stated that the property of the victim illegally possessed by Dalian Machine Tool through criminal acts is not the property of Dalian Machine Tool, but belongs to the victim. The reorganization procedure shall be suspended until the end of the criminal case and all property recovered or repaid. Our reporter contacted Yu Dehu, deputy director of Dalian Economic and Information Technology Committee and Liu Jiangjun, president of Dalian Machinery Industry Association, on issues related to Dalian machine tool reorganization, and did not receive a positive response. The Huadong CNC shares, which were frozen by the judicial waiting, have also experienced some confusing changes in the process of Dalian machine tool reorganization. After entering the reorganization procedure, it provided guarantee for the Dalian machine tool, and was also forced to auction by the Dalian Gaojin Technology Co., Ltd., which was applied for reorganization, and was repeatedly auctioned, and the reorganization of the dilemma was even more confusing. On December 28, 2017, Dalian Machine Tool's “Announcement on the Auction of Stocks of Listed Companies held by the parent company” showed: On December 19, 2017, the buyer Weihai Weigao International Medical Investment Holdings Co., Ltd. was the highest with 283 million yuan. The price won 49,376,000 shares of Weihai Huadong Numerical Control Co., Ltd. held by Dalian Golden Machine Technology Co., Ltd., and the Weihai Economic Development Zone Court ruled that 49,376,000 shares of Huadong NC held by Gaojin Technology belonged to The buyer is owned by Weigao International, and Weigao International may go through the relevant procedures for the transfer of relevant property rights with the “Executive Ruling”. *ST East number passed the news of the former shareholder Dalian Gaojin equity auction, the company's stock price from the lowest of less than 5 yuan, consecutively obtained 5 word limit daily limit, before the suspension of the card on December 18 again daily limit, one month On January 19, 2018, the company's stock price reached a maximum of 11.33 yuan. However, the equity that has already been auctioned has not been related to Dalian Machine Tool and parent company Gaojin Technology. On January 19, 2018, Zhongjiang Trust gave the Dalian Intermediate People's Court, Dalian Machine Tool Group Co., Ltd. and other enterprise restructuring managers the "Required Dalian Intermediate People's Court to stop the trial of Dalian machine tools and other enterprises and demand Dalian machine tools. Letters from Group Co., Ltd. and other enterprises returning criminal property believe that in the case of Dalian machine tool suspected of economic crimes and public security organs have filed for investigation, on November 10, 2017, Dalian Intermediate People's Court accepted the reorganization of Dalian machine tools and other enterprises. And notify Zhongjiang Trust to declare the creditor's rights. Zhongjiang Trust does not mean that Zhongjiang Trust will waive any legal rights when it declares that the suspected crime of Dalian machine tool has been investigated by the public security organ and retains all legal rights such as criminal and civil rights. The funds obtained by Dalian Machine Tool Group Co., Ltd. from Zhongjiang Trust through fraudulent means are not the property of Dalian Machine Tool and other companies. It is the property owned by Zhongjiang Trust as a criminal victim and requires the suspect to immediately return the property defrauded from Zhongjiang Trust. "Before the criminal case is being investigated, the facts are found, and the criminal property is recovered, the Dalian machine tool has entered the reorganization procedure. The scope and attributes of the reorganization of the property will not be clear, which will directly affect its reorganization effectiveness and responsibility; The whole procedure will inevitably directly interfere with the investigation of criminal cases and the recovery of stolen money, which will directly infringe the property ownership of victims of criminal economic crimes, seriously damage the property rights of the majority of social investors in our trust scheme, and cause social instability." The relevant person in charge of Zhongjiang Trust believes that the reorganization of Dalian machine tools and other enterprises should not be accepted according to law; the accepted cases should be rejected; at least the case reorganization procedure should be suspended, and Dalian Machine Tool and Reorganization Manager should be immediately returned from Zhongjiang Trust. Obtained criminal property. According to the latest announcement of Dalian Machine Tool, as of February 28, 2018, a total of 111 creditors reported their claims to the administrator, and the total amount of claims was about 22.5 billion yuan.

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