Sifang New Material: accounts receivable 222 million!

On May 25, Chongqing Sifang New Material Co., Ltd. issued a notice on cumulative litigation and arbitration matters.

The announcement shows that in order to reduce the balance of accounts receivable, improve the asset structure of enterprises and safeguard the legitimate rights and interests of enterprises, Chongqing Sifang New Material Co., Ltd. has adopted litigation and arbitration to recover the payment for commercial concrete after the failure of reasonable collection. According to statistics, the Company and its controlling subsidiaries have accumulated 105 lawsuits and arbitrations for 12 consecutive months (from May 25, 2022 to May 24, 2023), involving a principal amount of 22209 0.08 million yuan (without considering the delayed payment of interest, liquidated damages, litigation costs, etc.).

Disclosure of the facts and requests of the litigation case:

(I) Facts of the case: The Company and the Defendant entered into the Chongqing Ready-mixed Concrete Supply Contract for Construction Projects (hereinafter referred to as the "Contract") on 5 July 2021, pursuant to which the Company agreed to supply commercial concrete to the project undertaken by the Defendant. Article 5 of the contract stipulates the method of settlement and payment. After that, the two sides signed a series of supplementary agreements to adjust and confirm commodity prices. After the signing of the contract, the company supplied commercial concrete to the defendant in accordance with the contract. From July 2021 to November 2022, the total 21647 of commercial concrete supplied to the defendant was 0.65 cubic meters, the total amount of supply was 9136709.65 yuan, and the defendant paid the company a 6051945 of 0.5 yuan. The 3084764.15 of the company's commodity concrete payment has not been paid. After that, the company repeatedly failed to collect the money from the defendant.

(II) Litigation request: According to the contract signed by both parties and the execution of the contract, the litigation request of the company is as follows:

1. Request to order the defendant to immediately pay the company 3084764.15 yuan for the goods owed;

2. Request that the defendant be ordered to pay liquidated damages to the company immediately, based on the 3084764.15 of RMB. From September 2, 2022, the one-year loan market quotation rate (LPR) published by the National Interbank Borrowing Center will rise by 50% until the time of liquidation (temporarily calculated to April 25, 2023 as a 110248 of 19 yuan);

3. Request to order the defendant to pay the case acceptance fee, preservation fee, preservation guarantee fee and other expenses paid by the company to realize the creditor's rights; the total amount of the above three litigation requests is 3195012.34.

As the case is currently in the stage of filing and acceptance, there is no defense, counterclaim or counterclaim.