Joined
·
24,307 Posts
imported post
http://www.maonline.ru/ecnews/11013-legendarnyjj-chasovojj-zavod-vostok-mozhet-stat.html
Vostok, the Russian brand, is having to give up the fight for survival.
The short term debts of the company (approx. US$ 1.0 mio) and the dire market situation in Russia brought the company to its knees.
The English translation is below:
<<OAO Chistopolsky Watch Factory (CHCHZ) "East" (Tchistopol, Republic of Tatarstan) has introduced a procedure for monitoring the enterprise.
Arbitration Court of Tatarstan Having considered this week, a declaration of insolvency of the plant, confirmed him a member of the interim governing self-regulated organization of arbitral managers of natural monopolies fuel and energy complex (SEMTEK) Andrei Volkov. Arbitration will revert to the question of insolvency "of the East" on 31 August, writes Kommersant. </span>
Chistopolsky "East" was established in November 1941 on the basis of the evacuated Second Moscow Watch Factory. After the war the factory began to specialize in mechanical wristwatch, can withstand significant shock and overload. In the 1950's his watch "Victory" wore almost every man of the country.
In 1965, "East" has become the official supplier of the Ministry of Defence of the Soviet Union, were then set up watch "Commander" and "General". Two well-known brand factory - "East" and "Amphibian" (withstand pressure at a depth of 200 m). Deliveries of hours have been established in more than 20 countries, including the U.S., Italy, Switzerland and Germany.
In the early 2000's the plant annually produces about 1 million hours. According to the agency "SPARK-Interfax," East "had been unprofitable since 2004, but in 2008 was 6.6 million rubles. net profit, while revenue amounted to 104,2 million rubles. It belongs to individuals, the largest shareholder (13%) is a former general director Vladislav Tsivilin.
In court, the representative of the East "Igor youngsters reported that the company" did not have funds sufficient to satisfy all claims filed. " According to him, February 16, payable CHCHZ exceeded 45 million rubles., Of which 15 million rubles. - Liabilities to banks, more than 20 million rubles. - To suppliers and contractors.
In this account of the enterprise, some of which the arrest is almost empty - they listed just over 101 thousand rubles., € 693 and $ 187, the carrying value of fixed assets is estimated at 42,8 million rubles. And the receivable is 5 </span>6 million rubles.
The plant is still running, but, according to its CEO Eugene Pukhov, the last 1,5 years the company "is not able to enjoy a full economic activity. </span>And now does "threatens a full stop and firing workers," adds minor. In 2009, "came the maturity of loans made at the technical upgrading," said Pukhov, and the state order halved.
Another problem was the construction of houses for workers of the plant, which was begun about three years ago. After a time, among the holders were "totally strangers" who went to court and obtained recovery of penalties for failure to fulfill obligations - the plant was required to pay 10 million rubles. But such amount is not found, says general director of the East. " </span>
Once in the </span>USSR were produced 50 million hours per year, 1 / 3 were exported. Now in Russia there are only 2 hours of a full cycle of the plant - "East" and Moscow "Maktime (brands" Zarya "," Maktime "and others), says CEO Alexander Makarov capital company. </span>According to his estimates, 80% of the market is imported watches from China.
In 2000 he was declared bankrupt plant in Petrodvorets, performing a clock "Rocket." In 2006, bankrupt Uglyts'ka "Seagull", was eliminated Rostov watch factory. Orel "Amber" retaining only the production of souvenir "clock" from imported components. In place of the Chelyabinsk Molniya built shopping and entertainment complex. Ceased to exist in Moscow Watch Factory First Flight and the Second Watch Factory "Glory."
Three years ago, "East" had planned to develop, together with a Swiss company manufacturing quartz watches TechnoTime capacity of 1,5 million units per year, investment in a project estimated at € 7-10 million two sides signed a memorandum of intent, but the project was never realized </span>.
Mr. Pukhov said that the new proposals for joint projects or the purchase of the plant did not get himself to no one approached. After the introduction of procedures for monitoring plant will be able to unlock the account and try to normalize the work - to restructure the debt and obtain new orders, concluded Mr. Pukhov.>>
I always liked the kind of ruggedness of their watches. To me it is always sad when a company with a proud heritage has to die.
http://www.maonline.ru/ecnews/11013-legendarnyjj-chasovojj-zavod-vostok-mozhet-stat.html
Vostok, the Russian brand, is having to give up the fight for survival.
The short term debts of the company (approx. US$ 1.0 mio) and the dire market situation in Russia brought the company to its knees.
The English translation is below:
<<OAO Chistopolsky Watch Factory (CHCHZ) "East" (Tchistopol, Republic of Tatarstan) has introduced a procedure for monitoring the enterprise.
Arbitration Court of Tatarstan Having considered this week, a declaration of insolvency of the plant, confirmed him a member of the interim governing self-regulated organization of arbitral managers of natural monopolies fuel and energy complex (SEMTEK) Andrei Volkov. Arbitration will revert to the question of insolvency "of the East" on 31 August, writes Kommersant. </span>
Chistopolsky "East" was established in November 1941 on the basis of the evacuated Second Moscow Watch Factory. After the war the factory began to specialize in mechanical wristwatch, can withstand significant shock and overload. In the 1950's his watch "Victory" wore almost every man of the country.
In 1965, "East" has become the official supplier of the Ministry of Defence of the Soviet Union, were then set up watch "Commander" and "General". Two well-known brand factory - "East" and "Amphibian" (withstand pressure at a depth of 200 m). Deliveries of hours have been established in more than 20 countries, including the U.S., Italy, Switzerland and Germany.
In the early 2000's the plant annually produces about 1 million hours. According to the agency "SPARK-Interfax," East "had been unprofitable since 2004, but in 2008 was 6.6 million rubles. net profit, while revenue amounted to 104,2 million rubles. It belongs to individuals, the largest shareholder (13%) is a former general director Vladislav Tsivilin.
In court, the representative of the East "Igor youngsters reported that the company" did not have funds sufficient to satisfy all claims filed. " According to him, February 16, payable CHCHZ exceeded 45 million rubles., Of which 15 million rubles. - Liabilities to banks, more than 20 million rubles. - To suppliers and contractors.
In this account of the enterprise, some of which the arrest is almost empty - they listed just over 101 thousand rubles., € 693 and $ 187, the carrying value of fixed assets is estimated at 42,8 million rubles. And the receivable is 5 </span>6 million rubles.
The plant is still running, but, according to its CEO Eugene Pukhov, the last 1,5 years the company "is not able to enjoy a full economic activity. </span>And now does "threatens a full stop and firing workers," adds minor. In 2009, "came the maturity of loans made at the technical upgrading," said Pukhov, and the state order halved.
Another problem was the construction of houses for workers of the plant, which was begun about three years ago. After a time, among the holders were "totally strangers" who went to court and obtained recovery of penalties for failure to fulfill obligations - the plant was required to pay 10 million rubles. But such amount is not found, says general director of the East. " </span>
Once in the </span>USSR were produced 50 million hours per year, 1 / 3 were exported. Now in Russia there are only 2 hours of a full cycle of the plant - "East" and Moscow "Maktime (brands" Zarya "," Maktime "and others), says CEO Alexander Makarov capital company. </span>According to his estimates, 80% of the market is imported watches from China.
In 2000 he was declared bankrupt plant in Petrodvorets, performing a clock "Rocket." In 2006, bankrupt Uglyts'ka "Seagull", was eliminated Rostov watch factory. Orel "Amber" retaining only the production of souvenir "clock" from imported components. In place of the Chelyabinsk Molniya built shopping and entertainment complex. Ceased to exist in Moscow Watch Factory First Flight and the Second Watch Factory "Glory."
Three years ago, "East" had planned to develop, together with a Swiss company manufacturing quartz watches TechnoTime capacity of 1,5 million units per year, investment in a project estimated at € 7-10 million two sides signed a memorandum of intent, but the project was never realized </span>.
Mr. Pukhov said that the new proposals for joint projects or the purchase of the plant did not get himself to no one approached. After the introduction of procedures for monitoring plant will be able to unlock the account and try to normalize the work - to restructure the debt and obtain new orders, concluded Mr. Pukhov.>>
I always liked the kind of ruggedness of their watches. To me it is always sad when a company with a proud heritage has to die.
I remember watching them on tv, first watch show i ever looked at. Always wanted an Energia.
