From January to September 2009, the company achieved 10, 000 yuan in operating income,-21.8134 million yuan in operating profit, and-19.2376 million yuan in net profit belonging to the owner of the parent company, mainly because the company had no main business and no operating income. At the same time, due to the settlement of economic disputes and lawsuits left over by history, it is also necessary to pay interest, depreciation and amortization and other costs.
Funds were occupied, and the company was basically paralyzed: in 2008, the company engaged in palm oil trade through Beijing Ampact, an affiliated company of Wei Jun, the former actual controller, with 132 million yuan in cash in advance, and later, because the market situation was not suitable for the trade, the business contract was terminated, but the 132 million yuan loan occupied by the company was not returned, and the business could not be carried out normally in the first three quarters of 2009 due to the occupation of operating funds.
There are many problems left over from history: the company involves 44.8 million yuan loan guarantee litigation of subsidiary Tianjin Luyuan and Agricultural Bank Of China Tianjin Branch, 7.7 million yuan loan guarantee lawsuit of Tianjin Branch of Communications Bank, 11.898 million yuan of frozen funds, 80.76 million yuan of mortgaged real estate and land use rights, and the company estimates an estimated liability of 20 million yuan. In addition, the company is involved in 33.92% of the dispute over equity transfer of Handing Optoelectronics.
Lanzhou Asia-Pacific Chengxin Controller: in April 2009, Lanzhou Asia-Pacific Industry and Trade Group Co., Ltd. acquired the former major shareholder Beijing Dashi Investment Co., Ltd., indirectly holding 9.97% of the shares of the company. In addition, through bulk acquisitions and participation in equity auctions to acquire the shares held by the second and third largest shareholders, holding a total of 20.45% of the shares of the company, becoming the actual controller of the company. The debt of Beijing Agile, a former major shareholder affiliated company, was transferred to Lanzhou Asia Pacific.
The controller compensates the debt and places assets in disguise: in August 2009, the shareholders' meeting approved the "motion on related party transactions to be signed". It is agreed that the debt of 100 million yuan to Lanzhou Asia-Pacific Industry and Trade Group Co., Ltd. will be transferred to Lanzhou Tongchuang Jiaye Real Estate Development Co., Ltd., which is expected to transform the real estate development company.
Profit forecast and rating: the company's current production and business activities are at a standstill, and the operation of the real estate assets placed by debt repayment is uncertain, so it is unable to give profit forecasts and investment ratings are not given for the time being.
Risk hint: the company is involved in a number of lawsuits, some asset ownership has greater uncertainty, there is litigation risk.