Sihai network

Why did poly China silk implement the reorganization? Uncover the reasons for poly China silk's rest

the state owned assets supervision and Administration Commission of the State Council announced today that China Poly Group Co., Ltd. and China Silk Group Co., Ltd. were reorganized with the approval of the State Council. China Silk Group Co., Ltd. was transferred into China Poly Group Co., Ltd. free of charge and no longer as an enterprise directly supervised by the state owned assets supervision and Administration Commission.

This is the second reorganization of central enterprises this year. After the merger of poly and China Silk Road, the number of central enterprises supervised by SASAC has dropped to 96 again.

Different from the previous reorganization of central enterprises, the reporter found that the debt situation of China silk group was very serious before it was incorporated into poly group, and the asset liability ratio in 2016 was as high as 97.51%.

China Silk Group Co., Ltd. is the only central enterprise group with silk as its main business under the direct supervision of the SASAC of the State Council. It has a very glorious history. Its predecessor can be traced back to the China silk company established by the former national government in Shanghai in 1946. It is one of the enterprises with the longest history and largest scale engaged in silk import and export trade in China. Since its establishment, the company has made great contributions to China's silk industry and created considerable economic and social benefits. However, the business development in recent years is not very optimistic.

According to its consolidated financial statements for 2016, China silk group had 36 wholly-owned and holding subsidiaries at the end of 2016; The total assets are 5.2 billion yuan, the total liabilities are 5.071 billion yuan, the owner's equity is 129 million yuan, and the asset liability ratio is 97.51%; In that year, the total operating revenue was 9.332 billion yuan, the total profit was 50.4073 million yuan, the net profit was 8.8755 million yuan, and the return on net assets was 5.56%; The value maintenance and appreciation rate of state-owned capital was 38.91%.

From May to June 2017, the Audit Office audited the financial revenue and expenditure of China Silk Group Co., Ltd. (hereinafter referred to as China Silk Group) in 2016. The audit results showed that China silk group defined the transformation and development strategy, consolidated the basic silk business, and established a silk raw material base in cooperation with the governments and farmers in Yunnan and Sichuan; Develop logistics and trade industry, and promote the development of new chemical logistics business; Optimize the group's management organization and integrate internal resources. The audit also found that China silk group still had some problems in financial management and accounting, business management, implementation of the spirit of the eight provisions of the central government and clean practice regulations. For example, in 2016, the affiliated China silk Hainan Company made less provision for bad debts and made an extra profit of 36.2742 million yuan. In the same year, the internal transaction offset error in the consolidated financial statements of China silk group resulted in an over calculated profit of 16.8369 million yuan. In addition, in 2016, China Silk Group recorded the real estate offsetting the accounts receivable at the agreed price of RMB 1.262 billion without receiving the formal evaluation report. In 2014, China silk group illegally agreed to a subordinate enterprise without product oil business qualification to carry out product oil business, with a cumulative sales of 954 million yuan at the time of audit. In 2016, the headquarters of China silk group and an affiliated enterprise borrowed 544 million yuan from China silk (Dalian) Petrochemical Co., Ltd. (hereinafter referred to as China silk Dalian Company) and provided full guarantee for its 120 million yuan loan as a legal person shareholder. The individual shareholders of China silk Dalian company did not bear the corresponding guarantee liability according to the proportion of capital contribution.

The merger of Poly Group may revitalize China silk group. China Poly Group Co., Ltd. is a large central enterprise managed by the state owned assets supervision and Administration Commission of the State Council. It was established with the approval of the State Council and the Central Military Commission in 1992. Over the past 30 years, Poly Group has formed a development pattern focusing on international trade, real estate development, R & D and engineering services in light industry, operation services of process raw materials and products, culture and art operation, production and marketing of civil explosives and services, and financial business. Its business covers more than 100 cities in China and nearly 100 countries around the world.

In 2018, Poly Group's operating revenue exceeded 300 billion yuan and its total profit exceeded 40 billion yuan. By the end of 2018, the group's total assets had exceeded trillion, ranking 312th among the world's top 500.

At present, China Poly Group has 11 major secondary subsidiaries, more than 90000 employees, and five listed companies at home and abroad, namely poly Development Holding Group Co., Ltd. (Stock Code: s.h.600048), Poly Real Estate Group Co., Ltd. (Stock Code: h.k.00119), Poly Culture Group Co., Ltd. (stock code: h.k.03636) Guizhou Jiulian civil explosive equipment development Co., Ltd. (Stock Code: s.z.002037), China Haicheng Engineering Technology Co., Ltd. (Stock Code: s.z.002116)