"Credit sale" was Sany Heavy Industry (hereinafter referred to as the "three") rapidly improve sales performance magic, but in the real estate overweight, the macroeconomic slowdown background, still radical "credit sale" strategy is getting into so dull pain thirty-one possessed cancer. "
Small customers in big trouble
"Things almost the past year, I can not remember in the end is the day." On and Trinity "unpleasant", Yang is some frustration, but he told the Economic Information Daily (microblogging) "Reporters," that thing "that he will never forget.
Noon the day of August 2011, a construction site in Hotan, Xinjiang, more than 20 big guy carrying clubs suddenly burst into the they get workers control, clamoring for "Who Moved killed who, and forcibly dragged gone a value of more than 90 million excavator. And the owner of this machine is Yang.
"I was not on the site, workers gave me a cell phone, I click on the Mongolia. Ran back to the site, who have the machine towed our car on the chase to catch up, they said to charge $ 60,000 ' towing fee 'was the engineering side not to the settlement, we simply take no money to these people with clubs iron pipe, simply do not and we are talking about, in the end, or force the machine is towed away. "the Lao Yang told reporters .
Not with simple cases of armed robbery, Yang's story, in addition to his own, the other protagonist is the largest construction machinery manufacturer Sany. Yang said he later learned that those people is three faction to own excavator is still Hotan, "locking" (manufacturers prohibit users from further use of the product by other means as G PS) has been more than a year .
Yang, who lives in Zhumadian, Henan, there is not a large-scale contracting team, four dry with a variety of large and small construction projects in the province outside the province. The end of 2008, the state four trillion "stimulus plan introduced like a shot in the arm, across the country overnight cropped up numerous large-scale projects. Yang said, in 2009 and 2010, and his engineering team like ganchang everywhere then the job two years between their own pockets quickly drum up.
Contracting team itself is a hard living, say my age, so wanted to take advantage of the opportunity to improve the strength of the contracting team. "Yang said, the end of 2010, when he moved to the mind to buy large equipment, to be able to take a larger project, and secondly, can the machine rented out, it will not only earn more money, but also peace of mind.
In the beginning of 2011, Yang began to study the market, and eventually decided to buy an excavator. He then came to Zhengzhou High-tech Development Zone, a direct point, asked the price of the SY 235C excavator. The staff told him that the price of this machine are each 95 million. The price for the Lao Yang made a difficult, he said: "engaged in engineering, often for projects to advance, sometimes not got paid on time, so I can not come up with money to buy excavators.
Three sales staff learned Yang concerns, told him, by way of mortgage loans to buy excavators to pay a certain percentage of the down payment, the machine will be able to drive away after time to pay the remaining balance can.
"At that time, the sales staff told me, is to rent out the machines, monthly rents are enough repayment a total mortgage loans is quite suitable, we agreed to."
In April 2011, Lao Yang to pay a share of 20% of the machine about 18 million down payment, will this SY 235C excavator open back. Subsequently, Yang took the machine went straight to Hotan, start a new project. But he did not expect, did not take long for the excavator to a fault. "Is certainly not small problems, simply will not start up." Yang said, in order to complete the project on schedule, he had to pay for their repair machines, but still delayed repair the machine working hours, the duration of the entire project to be postponed.
This delayed triggered a series of storm. Because it fails to complete the project, for projects to be dragged, Yang and therefore unable to timely payment of the balance of the loans for the purchase of the machine. In August 2011, did not receive any reminder, Yang excavator was forcibly dragged away.
Yang said that when that is the employer of the person after the machine is towed away, he was looking for a go theory. In his view, the is the machine quality problems caused project delays, resulting in that he can not pay the balance on time. "I have repeatedly consultation and Trinity, I hope to get back the machine, but they said, must be payable from August 2011 to the present the balance of Yicijiaoqing, or not to machine." Yang think the practice unacceptable, he told reporters, has sued three local court in Zhengzhou.
Radical Sales breeding malignant tumor
In fact, Yang's story is not the case. Beginning in 2011, individual customers by way of credit sales to buy a product, the machine was forcibly dragged things abound. Henan, Hebei, Hunan and dozens of individual customers bought three product about them and Yang similar happened to the "Economic Information Daily" reporters. Lao Yang also showed reporters a list of more than 40 people, he told reporters on the list and, like him, because of the failure to make timely repayment thirty-one towed machine. These people worked together to find the three theory, but they have all failed.
Subsequently, the reporter in the pointing of some customers to access the website of the county-level People's Court in Changsha, Hunan Province, search in more than 70 individual cases there are "contract dispute" or "mortgage loan dispute. The merits of these cases and Yang's story has a lot in common, basically through mortgage loans, or installment credit sales, the purchase of large equipment, timely repayment force to recover the equipment, and the prosecution.
Introduced, according to Yang and other parties to an interview with reporters, a large mechanical engineering equipment forum, starting in 2011, announced that she and Yang have a similar experience of individual customers more than 200 people.
Hebei an engineering team boss told the "Economic Information Daily" reporters, he purchased three hundred eleven of projects worth more than 200 million cars, but after the second half of 2011, it is difficult to project received large projects, and therefore unable to pay loans.
A Trinity of Hunan and Hubei agents told the "Economic Information Daily" reporters "credit sale" is commonly used as a way of selling construction machinery industry, not only the Trinity, Xugong domestic vendors, Caterpillar, Volvo, Doosan Heavy Industries, Komatsu heavy international manufacturers are also widely used, especially in developed countries, credit sales ratio is usually accounted for about 90% of the share of the sales of construction machinery manufacturers.
Credit sales of domestic manufacturers are mainly three forms, bank mortgage, hire purchase and finance lease. "To the agents introduced three sales there are some differences, but they need the manufacturers to guarantee itself qualified and customer qualification stringent scrutiny. The event of a customer not the preceding paragraph, the manufacturer may be subject to joint and several liability.
"What did the trial, they helped do I fill as they say a few tables. Yang said that all formalities, and later bought the machine, do the loan are a sales staff to help handle, but the handle is going well. This smooth process let reporters surprise, asked Yang that he signed and which bank loan agreement, the Lao Yang a moment she could not answer queries contracts, he told reporters Zhengzhou local Everbright Bank. "I put the money to people below, the following people look for Trinity, so they helped handed down." Yang said.
The above-mentioned agents introduced in accordance with the purchase process, customers determine the the purchase three subordinates of finance leasing companies or asset management companies will start the mortgage loan application process, to help customers complete the loan. In this process, affiliated third-party company responsible for the qualification of the audit client, and at the same time guarantee for customers, help customers to obtain bank loans.
However, Yang's experience thirty-one help him through bank loans, seem to ignore the customers qualified to review the key link. At least the old Yang told reporters, throughout the purchase process on the one hand no assets and engineering team strength inquiries and investigations.
A multi-annual report disclosed that the company discretionary Hunan Zhongfa, and Kunshan hair (the Hunan hair subsidiaries) handle customers purchase mortgage loans to the banking application engineering machinery construction machinery and equipment for the production of the company " procedures, and customer charges a commission related loan amount is not more than the purchase of construction machinery paragraph 7, a maximum period of three years. This means, in accordance with the provisions of the mortgage loans, the purchase of equipment, and to pay a minimum of 30% down payment. Yang buy excavators, just pay the 20% down payment, get a smooth device. The reporter found in the survey, the number of personal customers only pay about 15% down payment to get the equipment.
Yang told reporters that he paid more than 20% regarded, some peer large equipment to buy two or three hundred million, less the down payment. In this regard, the agents can also be confirmed. He told reporters that from the start in 2009, construction machinery enterprises in terms of sales, golf ball, in order to seize the customers and bigger sales, manufacturers will reduce the ratio of the first payment, the purchase value of 500 million dollars or even more expensive equipment when three or even allow customers to pay only 5% down payment. These agents introduced in a sales network in 5% of cases are not uncommon, zero down payment of the list also appeared.
"If a finance lease, the customer zero down payment can put the machine to drive away." The agent also told reporters, zero down payment financing and leasing business has been widely used in the field of domestic construction machinery sales, on the one hand the user can quickly obtain machine , on the other hand, the manufacturers can further expand sales.
But the reporter was found in the survey, and Yang, many obtained through finance leases the device individual customers, the same has not been strict qualification examination. Under the management of Volvo and other international companies, apply for financing leasing business for individual customers, except through third party review of the financial strength of the customer, generally also require down payment of a certain percentage of the first payment, otherwise it will generate huge risk.
China Construction Machinery Association, one insider told the "Economic Information Daily" reporters, the expansion very thirty-one radical sales led the overall business often overlooked risk control, and this caused the situation of individual customers can not be on time payment. The agents is introduced, the actual audit of individual customers, the role of this process is very limited due to the three provides guarantees, the bank is almost totally dependent on the audit and to determine.
Lao Yang and Trinity is in credit sales were risk prevention, the reporter contacted the three on the one hand to interview, but as of press time, three on the one hand did not respond.
Out of control the risk of edge
"In 2009, after the 'four trillion' cast down, low down payment or zero down payment does help manufacturers expand sales. But when engineering construction across the country, a bustling individual users be able to repay on time. But now the situation is not the same , real estate regulation, many individuals and small contracting team no job can be dry, would like to repay on time, it is difficult! "said the person familiar with.
, Trinity aggressive sales strategy in this context, is a huge risk to the themselves.
"I know too many personal customers and thirty-one disputes many of our customers are from rural areas, only collateral is to assess the value of the homestead of up to ten million of these people do not have a fixed income, but can be purchased to the value of over one million heavy machinery, real people can not imagine. "the insider added.
In October 2011, Trinity Group released the second phase of the 2011 annual medium-term notes prospectus "disclosure," At present, the product sales of the company's balance sheet is divided into installments, mortgage loans or finance lease and full payment of four species of which about 10% of full payment, about 30% of installments, about 60% of the mortgage loans or finance leases. Insiders pointed out that the Trinity Group taking into account the 90% operating income by Sany Heavy Industry contribution, therefore, Sany sales model should be broadly similar to the Trinity Group.
Sany finance leases in 2010, approximately 10% of the information disclosed in the Hong Kong Stock Exchange in September 2011. Thus, we can roughly calculate about 10% in the Sany four sales model, the proportion of full payment, installment accounts for about 30%, accounted for about 50% of the mortgage loans, finance leases accounted for about 10%. The reporter found that the vast majority of customers the same as the old Yang, installment and mortgage loans to purchase equipment.
The insider installment and mortgage loans, including credit sales of Sany Heavy Industry sales growth has a significant role in promoting but thirty-one excessively loose credit conditions, but downstream demand be overdrawn, but it was finally laid a huge risk.
In fact, a use radical means of credit sales, while Yang are constantly bigger sales, brought deteriorating financial data.
Sany Heavy Industry, "installment" pulling sales made receivables have gone up. The end of 2010, Sany receivables of $ 5.7 billion, has soared to 134 million by the end of June 2011, the end of September 2011 and further rose to 149 billion yuan, to the end of the first quarter of 2012, accounts receivable has been as high as 201 billion compared to the end of 2010, a sharp increase of 14.4 billion yuan, an increase of a staggering 253%.
In addition, the "installment" crowding out a lot of cash flow. Three "net cash flow generated from operating activities of up to 6.75 billion yuan in 2010, but the first three quarters of 2011, this figure fell sharply to -15.2 billion, to the end of the first quarter of 2012, the Digital has become -43.89 billion, showing a cash flow from operating activities is fast deteriorating.
Thirty-one much in love with the "mortgage loan" also bring to the company a huge risk. The fiscal reported data show that as of the end of 2010, the Sany customers through Hunan hair and Kunshan handled mortgage loan balance has reached 17.434 billion yuan, and by the end of 2011, this data has surged to 21.022 billion yuan. Reported that the representation of the three fiscal, of Hunan hair and Kunshan in fat and Sany shared debt compensatory responsibility due to customers overdue payment mortgage loan business, which means that if a user can not be within the stipulated time, the bank repayment Third, we will have to repay the huge debt of 21.022 billion yuan.
As of the end of the first quarter of 2012, a mortgage loans and receivables has accumulated more than 35.4 billion yuan, while outsiders predicted, with the Trinity in August 31, 2012 semi-annual report released two the item financial data may continue to deteriorate. In fact, the three also found that the severity of the problem. Trinity Group in October 2011, in its medium-term notes in the prospectus for the issue of early warning, installment, mortgage loans or finance lease is the Company's main sales method of settlement, if the future of the construction machinery market atrophy, customers of default may increase, which will bring the company's normal production and operation of an impact. In the earnings, this problem has also repeatedly be prompted.
In the terms thirty-one aggressive credit marketing strategies are becoming attached to a malignant tumor on the body, has begun to allow thirty-one aching. The future, whether it will still continue this sales strategy will be the three have to seriously think about the problem.
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