Xibei Bearing Losses Continue
Resource from: CBCC Likes:3004
Dec 20,2005
Xibei Bearing Co. Ltd. (Yinchuan, Ningxia, China; Shenzhen exchange: 000595) admitted losses continued through the latest reporting period, ended October 31, 2005.
For 2005, Xibei reportedly had sales of RMB 302.8 million (USD $37.5 million), with losses accumulating to RMB 64.9 million ($8.0 million).
Xibei said it will dip into capital reserves to cover the shortfall, although liquid reserves total only RMB 5.2 million.
Situated in Yinchuan, the capital of the Ningxia Hui Autonomous Region, Xibei Bearing Group (XBG) is a major state-run Chinese manufacturing conglomerate, all in one location. The six plants making up XBG cover 101 hectares and together employ over 9,000 people.
Xibei Bearing Co. Ltd., with 5,000 employees, is the largest subsidiary of XBG, and was the first publicly-traded bearing manufacturing company in China. Xibei Bearing is ISO certified, producing 2,500 different ball and roller bearings targeting rail, automotive, agricultural and industrial markets.
Capacity is for sizes ranging from 40mm to 2,250mm OD. Xibei branded products carry the NXZ trademark and are sold in more than 50 countries worldwide.
Sales and profits have been on a long decline. In 2000, Xibei sales were 474.13 million Yuan ($58.8 million), even then down more than 3% from 1999.
In 2002, the China Securities Regulatory Commission (CSRC) found serious problems at Xibei. During a routine audit, the CSRC discovered 332 million Yuan had been systematically "misappropriated" by Xibei shareholders. The CSRC also found that parent XBG had improperly guaranteed loans of 275 million Yuan -- at least 110 million of that to Xibei Bearings.
In January 2004, INA/FAG (Germany), reportedly frustrated by continuing losses, bought out Xibei's share of a joint venture company the two formed in 2001 to manufacture rail bearings.
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