From 18.63 million to 2 billion new electromechanical forest family's creation mist

Zhu Yimin May 24, Sichuan Branch New Electromechanical Co., Ltd. (hereinafter referred to as the Sichuan branch of the new electromechanical) was approved.　　This company by Lin Yu Rong, Lin Yuhua, Lin Yu fu, Lin Yu expensive, Lin Yu blessing, such as Lin family brother control, if not unexpected, according to the current gem IPO pricing up to 60-70 times P/E, Lin's family brother's value is expected to soar to 1.7 billion-2 billion yuan, truly "wealth". However, from the 10 years of 1997-2007, the Lin clan brothers to Sichuan branch of the new electromechanical investment, the total amount of additional investment is only 18.63 million yuan.　　From 18.63 million yuan to 2 billion yuan, the value-added leap over a hundredfold is undoubtedly an astonishing campaign of wealth creation.　　However, in this large-scale wealth-making movement behind, Sichuan branch of the new electromechanical landing gem is flashing a lot of disturbing gray interest phantom.　　State assets evaluation in the forest family brothers more than 10 years of entrepreneurial enrichment process, Sichuan branch of the new mechanical and electrical to the former wholly-owned subsidiary-Sichuan Chenguang New Plastic Co., Ltd. (hereinafter called Chenguang Plastic) of the establishment, acquisition and the final spin-off before the IPO is intriguing. March 15, 2002, Sichuan branch of the new electromechanical, China Blue Chenguang Chemical Research Institute and its trade unions and other 3 corporate shareholders, as well as Lin Yu Rong, Chapilong, furnishing, and other 15 natural shareholders jointly funded the establishment of Chenguang plastic, registered capital of 4.5 million yuan, of which the Blue Chenguang Chemical Research Institute contributed 1.05 million yuan, accounting for 23.33　　%, the new limited investment of 1.04 million yuan, accounting for 23.11%, China Blue Chenguang Chemical Research Institute of Trade Unions 750,000 yuan, accounting for 16.67%, other natural persons shareholders total contribution of 1.66 million yuan, accounting for 36.89%.　　China Blue Chenguang Chemical Research Institute for the Chinese Bluestar (Group) Corporation (Superior Unit for China Chemical Group) subordinate units. October 11, 2005, according to the China Bluestar (Group) corporation issued "on the further clearance of the following enterprises (companies) three notice", the next January 24, China Bluestar (Group) corporation issued the "about 2006 to clean up the following enterprises directory of three notice",　　Chenguang Plastic was identified as the 2006-Blue Chenguang Chemical Research Institute should clean up the following three enterprises (equity companies). August 30, 2006, with the resolution of the general meeting, Chenguang Plastic agreed to the Sun Chenguang Chemical Research Institute will hold the Chenguang plastic 23.33% stake to 988,730 yuan to transfer to Sichuan branch of the new mechanical and electrical, based on the light of morning plastic April 30, 2006 by Sichuan Chaohui Accounting firm Limited Liability Company (　　Hereinafter referred to as Chaohui accounting firm) Chuan Chaohui (2006), the No. 041 "Asset appraisal Report" confirmed the value of the net assets.　　September 11, 2006, Sichuan branch of the new electromechanical completed the transfer of industrial and commercial change registered. However, the China Blue Chenguang Chemical Research Institute of the Chenguang Plastic state-owned shares of the transfer did not get the superior units of the Chinese Bluestar (Group) corporation and China Chemical Group Approval, should itsThe requirements of the superior units are forced to supplement the relevant listing transfer and asset evaluation procedures in accordance with the provisions of relevant laws and regulations on the transfer of plastic shares of Chenguang.　　May 2007, Chaohui accounting firm of Chenguang plastic all the assets and liabilities of the evaluation, its assessment of the base date of September 30, 2006, when Chenguang plastic net assets of the evaluation value of 4.529 million yuan. August 23, 2007, the Sino-Blue Chenguang Chemical Research Institute on the light of the transfer of plastic stock in Beijing, but the intriguing is that only Sichuan branch of the new electromechanical an intention of the transferee, Sichuan branch of the new electromechanical finally with the Blue Chenguang Chemical Research Institute signed the "Property rights transaction Contract", agreed to　　The price of 1.0566 million yuan by the Blue Chenguang Chemical Research Institute holds the Chenguang plastic 23.33% equity. An investment banker from a securities firm in Shenzhen said to reporters, "Chaohui accounting firm to the morning light plastic net worth of the evaluation of 4.529 million yuan, and the company registered capital of 4.5 million yuan, so the evaluation is very questionable."　　"Well, what kind of company is Chenguang plastic?" The company profile on the Chenguang Plastic Web page shows that it is a holding company of the China Blue Chenguang Chemical Research Institute, and is a specialized manufacturer of high-quality elastomer materials such as thermoplastic polyester elastomer (TPEE) and thermoplastic dynamic vulcanized rubber (TPV). Thermoplastic polyester elastomer Tpee and thermoplastic dynamic vulcanized rubber TPV is the technical achievements of the China Blue Chenguang Chemical Research Institute, the company's thermoplastic polyester elastomer industrialization was included in the National Torch Plan project. "And the information disclosed by the new electromechanical prospectus in Sichuan branch shows that two years after the China-Blue Chenguang Chemical Research Institute will sell its 23.33% state-owned shares,　　Chenguang Plastic net assets from the transfer before the 4.529 million yuan soared to December 31, 2009 of 16.5251 million yuan, the profit level from 2007 1.5628 million yuan to 5.924 million yuan.　　In a short period of three years after the sale of state-owned shares, the plastic net worth of Chenguang soared 2.65 times times before the transfer, and the net asset scale nearly doubled every year, what kind of company can have such magical growth magic?　　In addition, in the two years of 2007 and 2008, Chenguang plastic accumulated to the Sichuan branch of the new mechanical and electrical loans to provide 15.7269 million yuan.　　Chenguang Plastic net worth, rapid growth of net profit and so ample cash flow of operating income, people have to have to the China Blue Chenguang Chemical Research Institute 23.33% The rationality of the transfer pricing of state-owned shares doubt. License fog in the prospectus, Sichuan branch of the new electromechanical specifically remind investors to focus on the high risk of customer concentration, said the company 2007, 2008 and 2009 company for the first five major customer sales accounted for the same period of main business income ratio of 67.23%, 54.67% and 52.3% respectively, Among them, from the Eastern Electric group subordinate enterprisesAccounted for 50.96%, 47.53% and 33.45% respectively.　　The risk hints at a glance at the unusual relationship between the new electromechanical unit in Sichuan and the Eastern Electric Group and its affiliates. According to the new mechanical and electrical disclosure of Sichuan Branch, new electromechanical in Dongfang Electric Group's first customer is Dongfang Motor Factory, the company since 1997 for its production of tubular cooler parts, gradually transition to provide tubular cooler into Taiwan equipment, the 2001 established a stable business partnership, System for pressure vessels and other light oil and water systems supporting equipment. Since 2001, the company has provided cooler parts for Dongfang steam turbine plant, and gradually developed to provide the key auxiliary equipment such as low-pressure heater, water chamber, temperature reducer and so on. 2004, the company and Dongfang Steam turbine plant developed a m701f-level heavy duty gas turbine, to achieve the first set of domestic units.　　2007, the company became the Orient Motor Control Equipment Co., Ltd. qualified supplier of nuclear power equipment, for Ling AO Phase II project provided nuclear light oil and water system equipment, oil GFR pipeline system, nuclear pump motor support and other structural components.　　However, it is worth noting that as early as 2007, Dongfang Motor Control Equipment Co., Ltd. has become a qualified supplier of nuclear power equipment, Sichuan branch of the new electromechanical, even in the date of the prospectus issued by the National Nuclear Safety Bureau issued a civil nuclear safety machinery equipment manufacturing license. In fact, the new mechanical and electrical machinery in Sichuan Province in August 2008 before the National Nuclear Safety Agency to submit civil nuclear safety Mechanical equipment Manufacturing license application, but because at that time the company in the equipment, personnel qualifications and not have the basic conditions for admissibility, the National Nuclear Safety Bureau did not accept its application for forensics,　　It was not until October 12, 2009 that the application for the manufacturing qualification permit for the civil nuclear 2, level 3 pressure vessels, tanks and heat exchangers was formally accepted. A private equity fund manager in Shenzhen said in a puzzled way, "Sichuan branch of the new electromechanical clearly did not obtain civilian nuclear safety machinery equipment Manufacturing license, how to become the Eastern Electric Group subordinate enterprises of nuclear power equipment qualified supplier, strictly speaking, Sichuan branch new electromechanical qualification for Ling AO Phase II project to provide nuclear light oil and water system equipment structural parts are questionable.　　"The History of Sichuan branch of the new electromechanical board members show that 5 of the company's internal directors have 4 in Sichuan chemical Equipment Machinery Factory (hereinafter referred to as Sichuan Chemical equipment) to serve, the company's general manager, deputy general manager, Deputy chief engineer and Sichuan chemical equipment has been historically linked."　　So Sichuan chemical equipment and the Sichuan division of Mechanical and electrical in the end what is the source? Reporter through the network search found that Sichuan chemical equipment is now known as Sichuan Blue Star Machinery Co., Ltd., 1966 plant, named "Sichuan Chemical Machinery Workshop", 1979 renamed as "Sichuan Chemical equipment machinery factory." 1983, the first of the country in the southwest to obtain one, two or three types of pressure vessel design and manufacturing license. April 1989 restructured into joint-stock enterprises, renamed as "Southwest Machinery Co., Ltd.". 1992 ASME License issued by the American Society of Mechanical EngineersBook and U, U2 seal. June 1997 stock officially listed in Shenzhen, Code "000838".　　July 2005 changed to Sichuan Blue Star Machinery Co., Ltd.　　In the stock market trading system Input "000838" code found that this name is the southwest of the listed companies have changed, in the name of the St Westernization machine, Blue Star Petrochemical, now the company name has changed for the state Hing real estate. Historical public information shows that southwest by the Sichuan chemical equipment Machinery Factory restructuring, due to the traditional pressure vessels and mechanical products, product technology, low technical content, fierce market competition, the industry average profit margin is extremely low, coupled with equipment aging, heavy personnel burden, high debt rate, the company 1999 loss of 8.8 million yuan,　　The loss of $33 million in 2000 and the net profit of $13.32 million after deducting non-recurrent profits in 2001 have made it difficult to maintain reproduction. October 2002, the southwest of the machine issued the fourth session of the Board of Directors 12th meeting Resolution Bulletin, the company's assets reorganization, the original pressure vessel manufacturing business assets sold, the company's main business by the chemical pressure vessel, oil, medicine,　　Rubber and other machinery and equipment manufacturing, as well as large-scale machinery and equipment parts processing into fluorine silicon materials, plastics and modified materials such as polymer materials business. Now, Sichuan branch of the new electromechanical main business and the original listed company southwest of the machine identical, the company to the pressure vessel manufacturing industry nature of the expression, "at present, China's pressure vessel holders of more than 3,200 manufacturers, in the industry, low-end product market competition is more intense," in China's pressure vessel industry at the same time the rapid development of , has not fundamentally changed the extensive development model, supporting the industry sustained and stable development of the foundation is still very fragile "," the majority of domestic manufacturers in accordance with the pattern of construction production, in product design and development dependent on the relevant design institute, the lack of independent intellectual property rights of the core technology.　　"There is a southwest of the company's main business to the first, Sichuan branch of the new electromechanical business can be sustainable development?" In addition, the new mechanical and electrical machinery in Sichuan Province in September 2008 only to obtain the American Institute of Mechanical Engineers ASME Certification, June 2009 only achieved A1, A2, A3-class pressure vessel design, manufacturing license, and its main competitor Sichuan Bluestar Machinery Co., Ltd. to obtain certification time after a full more than 20 years behind,　　and Sichuan Blue Star Machinery Co., Ltd. and other competitors, Sichuan branch of the new electrical and mechanical technology is entirely a limited technical experience of recruits. At present, Sichuan branch of the new electromechanical biggest bright spot is to the civilian nuclear safety machinery and equipment field March, however, the problem is that its civilian nuclear safety machinery production license is still in the application, although the company claimed to be successful, but no one knows whether and when the National Nuclear Safety Agency will be issued to its civil nuclear safety machinery and equipment permits.