Xinning Logistics has defaulted on 155 million yuan in loans this year after its loans were downgraded to “suspicious” levels by banks

2022-05-25 0 By

On the evening of March 15, Xining Logistics announced that the company in Jiangsu Kunshan Rural Commercial Bank Nangang branch of a loan of 57 million yuan overdue on the same day, overdue amount accounted for 26.65% of the company’s latest audited net assets.Reporters combed the announcement found that this is the company this year since the release of the sixth overdue loan announcement.From January 18, 2022 to March 15, 2022, the accumulative overdue bank loan amount of the Company and its subsidiaries is 155 million yuan, and up to now, only the loan principal has been repaid 7.0754 million yuan, and the overdue loan amount accounts for 72.44% of the audited net assets of the company in the latest period.The year accumulated 155 million yuan overdue loan xinning Logistics this overdue loan crisis began in January this year.On January 18th, sunnybrook logistics, according to the announcement by the company independent queries the enterprise credit report, found in bank loans under the condition of not debit interest, not within the time limit, the company in kunshan branch of agricultural bank of China a total of 105 million yuan in loans of the five classification in December 29, 2021 agricultural bank even lower tertiary, from “normal” to “suspicious”.As a result, part of the company’s loans cannot be re-lent and extended, which leads to the overdue loan of 28 million yuan in The Kunshan Branch of Agricultural Bank of China.”The credit rating of commercial banks is divided into five categories, and the grades below dubious category are collectively referred to as subprime loans.”Kuang Yuqing, founder of Lensing Research, told Securities Daily, “The lowered standard bank will make a comprehensive evaluation by referring to its loans to the target company, or other banks’ credit records of its loans to the company.”An unnamed banking industry employee told the reporter, “Under normal circumstances, the fission of asset quality has a process, banks in the downgrade will be gradually lowered, generally not directly to ‘suspect’.Such a wide range of downgrades indicates that the bank has major problems with its company or business conditions after an internal asset quality review, or is facing significant issues such as huge lawsuits or regulatory penalties.”The reporter noted that after the loan was reduced to the “suspicious” level by the bank, Xinning Logistics fell into the loan overdue “curse”, and then within two months, the company “self-exposure” a number of overdue loans.On January 24 and 25, Xinning Logistics disclosed that its wholly-owned subsidiary Kunshan Xinning Logistics Co., LTD. (hereinafter referred to as “Kunshan Xinning”) had overdue loans of 5 million yuan and 11.5 million yuan in Kunshan Branch of Agricultural Bank of China and Kunshan Branch of Bank of China on January 21.As the company provides joint and several liability guarantee for the bank loan of the subsidiary, the company faces the risk of being required to assume the guarantee liability after the bank loan of the subsidiary is overdue.On February 7 and February 16, the company announced that the company and its subsidiary Kunshan Xinning had added 49 million yuan in overdue loans.With the addition of the overdue loan on March 15, xinning Logistics and its subsidiary Kunshan Xinning have a total of nine overdue bank loans, rising to 72.44% of the company’s audited net assets in the latest period from 13.09% initially.The liquidity crisis of the main business is difficult to solve. From ‘normal’ to ‘suspicious,’ it is a serious situation to drop three levels in succession.If the enterprise has overdue or credit decline, the company will not be able to renew the loan operation, not to renew the loan is equivalent to withdrawing the loan, the enterprise will immediately face liquidity problems, need to raise funds as soon as possible.”Shanghai minglun law firm wang Zhibin lawyer told the Securities Daily reporter.March 16, the reporter called Xining logistics, the company related staff told reporters, “the company is continuing to maintain communication with the bank, but the current classification level has not been called back.”However, want to solve this liquidity crisis, for the main business losses at the same time also Mired in internal fighting vortex of Xinning logistics, is not easy.March 3, Xining logistics disclosed 2021 annual performance forecast revision announcement shows that the company is expected to 2021 attributable to shareholders of listed companies net profit of -140 million yuan to -195 million yuan.The company had previously forecast that the net profit attributable to shareholders of listed companies in 2021 will range from -0.8 million yuan to -135 million yuan.The company has suffered losses for two consecutive fiscal years, that is, from 2019 to 2020, the net profit attributable to shareholders of listed companies is -582 million yuan and -612 million yuan respectively.According to the quarterly report of 2021, as of the end of September 2021, the ending balance of the company’s monetary fund was RMB 75,743,400 yuan. At present, the company is unable to repay the above overdue loans in full.”Companies can use mutual insurance to raise funds, which is equivalent to ‘robbing Peter to pay Paul’,” Wang zhibin told reporters.In order to resolve the problem, financial institutions can give companies a certain period of time to delay the onset of a liquidity crisis.””In reality, it is more common for companies not to pay, and financial institutions will choose to go to court.In that case, the company could face bankruptcy reorganization, with new investors and partial debt forgiveness.””Wang added.