MIRA INFORM REPORT
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Report No. : |
331808 |
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Report Date : |
14.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SINOMA ENERGY CONSERVATION LTD. |
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Registered Office : |
Building C, Beichen Plaza, No. 1 Longzhou Road, Beichen
District, Tianjin 300400 Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.06.1998 |
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Com. Reg. No.: |
120113000002346 |
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Legal Form : |
Shares Limited Company |
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Line of Business : |
Subject is engaged in business of electricity, heat, waste heat,
excess pressure, residual gas utilization, solid waste disposal,
environmental governance, new energy, lighting energy saving renovation
(semiconductor street lamp lighting), building energy saving system
engineering project development, consulting, technology services, design,
engineering general contracting; waste heat power generation project
investment; contract energy management services; development and construction
of distributed power source; research & development and sales of energy
saving and environmental protection equipment, building materials, metal
materials, insulation materials, electrical machinery; providing clean
development mechanism project development programs and technical advice;
selling CER produced by clean development mechanism projects; import and
export business; contracted foreign projects suited to its strength, size,
and performance; send laborers to abroad required for overseas projects (with
permit if needed). |
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No. of Employee : |
1,835 (Including Sc’s Subsidiaries) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
China |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, growth of the private sector, development of stock markets and a modern banking system, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors considered important to "economic security," explicitly looking to foster globally competitive industries. After keeping its currency tightly linked to the US dollar for years, in July 2005 China moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. In 2014 the People’s Bank of China (PBOC) doubled the daily trading band within which the RMB is permitted to fluctuate. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2014 stood as the largest economy in the world, surpassing the US that year... Still, per capita income is below the world average.
The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic consumption; (b) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and increasing numbers of college graduates; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2014 more than 274 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development.
Several factors are converging to slow China's growth, including debt overhang from its credit-fueled stimulus program, industrial overcapacity, inefficient allocation of capital by state-owned banks, and the slow recovery of China's trading partners. The government's 12th Five-Year Plan, adopted in March 2011 and reiterated at the Communist Party's "Third Plenum" meeting in November 2013, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent in the future on fixed investments, exports, and heavy industry. However, China has made only marginal progress toward these rebalancing goals. The new government of President XI Jinping has signaled a greater willingness to undertake reforms that focus on China's long-term economic health, including giving the market a more decisive role in allocating resources. In 2014 China agreed to begin limiting carbon dioxide emissions by 2030. China implemented several economic reforms in 2014, including passing legislation to allow local governments to issue bonds, opening several state-owned enterprises to further private investment, loosening the one-child policy, passing harsher pollution fines, and cutting administrative red tape.
|
Source
: CIA |
Company
name
SINOMA ENERGY
CONSERVATION LTD.
BUILDING C, BEICHEN PLAZA, NO. 1 LONGZHOU ROAD, BEICHEN DISTRICT, TIANJIN 300400 PR CHINA
TEL: 86 (0) 22-86341586/86341585
FAX: 86 (0) 22-86341588
***Note: SC’s
current address should be the heading one, while the given address (Torch
Building Zhongjie Scientific and Technology Garden, Beichan Scientific &
Technology Zone Tianjin China) was SC’s former one.
EXECUTIVE
SUMMARY
Date of Registration : june 1, 1998
REGISTRATION NO. : 120113000002346
LEGAL FORM : Shares limited company
REGISTERED CAPITAL : CNY 610,500,000
staff :
1,835 (including sc’s SUBSIDIARIES)
BUSINESS CATEGORY : investment &
trade & SERVICE
Revenue :
CNY 1,521,463,000 (CONSOLIDATED, AS OF
DEC. 31, 2014)
EQUITIES :
CNY
1,500,894,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
WEBSITE : www.sinoma-ec.cn
E-MAIL :
N/A
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : FAIRly good
OPERATIONAL TREND : fairly STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE :
CNY 6.20 = USD
Adopted abbreviations (as follows)
SC - Subject Company
(the company inquired by you)
N/A – Not available
CNY – China Yuan Ren
Min Bi
OPERATIONAL
TREND & GENERAL REPUTATION
This section aims at indicating the relative positions of SC in respect
of its operational trend & general reputation
Operational Trend:- General
Reputation:-
Upward Excellent
Steady Good
Fairly Steady Fairly
Good
Ordinary Average
Fair Fair
Stagnant Detrimental
Downward Not
known
Not known Not
yet be determined
Not yet be determined
LEGAL
STATUS & HISTORY
SC was established
as a shares limited company of
PRC with State Administration of Industry & Commerce (SAIC) under
registration No.: 120113000002346 on June
1, 1998.
SC’s Organization Code Certificate No.: 70049282-7
SC’s registered capital: CNY 610,500,000
SC’s paid-in capital: CNY 610,500,000
Registration Change Record:-
|
Date |
Change of Contents |
Before the change |
After the change |
|
-- |
Registration No. |
1201132005902 |
120113000002346 |
Current Co search indicates SC’s shareholders & chief executives are
as follows:-
|
Name of Shareholder (s) (As
of March 31, 2015) |
% of Shareholding |
|
China National Materials Group Corp., Ltd. |
60.64 |
|
Liu Yiqian |
3.93 |
|
Feng Guizhong |
3.69 |
|
Guo Quanqing |
3.48 |
|
National Council for Social Security Fund |
1.96 |
|
Qinghai Ningda Venture Capital Co., Ltd. |
1.67 |
|
Pei Rennian |
1.47 |
|
Beijing Guojianyichuang Investment Co.,
Ltd. |
1.43 |
|
Nantong Gaosheng Growth Venture Capital
Co., Ltd. |
0.96 |
|
Zeng Xiaoshi |
0.88 |
|
Other Shareholders |
19.89 |
SC’s Chief Executives:-
|
Position |
Name |
|
Legal Representative and Chairman |
Zhang Qi |
|
President |
Hu Yeming |
|
Vice President |
Ge Liwu 葛 |
|
Liu Chunyan |
|
|
Wei Wenhua |
|
|
Yang Zexue |
RECENT
DEVELOPMENT
SC was listed in Shanghai Stock Exchange Market with the code of 603126
on July 31, 2014.
SHAREHOLDER
CHART & BACKGROUND
Name %
of Shareholding
(As
of March 31, 2015)
China National Materials Group Corp., Ltd. 60.64
Liu Yiqian 3.93
Feng Guizhong 3.69
Guo Quanqing 3.48
National Council for Social Security Fund 1.96
Qinghai Ningda Venture Capital Co., Ltd. 1.67
Pei Rennian 1.47
Beijing Guojianyichuang Investment Co., Ltd. 1.43
Nantong Gaosheng Growth Venture Capital Co.,
Ltd. 0.96
Zeng Xiaoshi 0.88
Other Shareholders 19.89
China National Materials Group Corp., Ltd.
-----------------------------
Established in 1983, China National Materials Group Corporation Ltd.
(SINOMA) is a central government-administered enterprise directly under the
administration of State-owned Assets Supervision and Administration Commission
of the State Council (SASAC). It is the only enterprise that possesses a series
of core technology and complete innovation system in non-metal material
industry in China. It integrates scientific research, design, manufacturing, engineering
and construction and international trade, forming a technological and
international enterprise. Sinoma has been listed among the China Top 500
enterprises for successive years and it is also one of the first batch 56 large
enterprise experimental groups.
Legal Representative: Liu Zhijiang
Registration No.: 100000000003609
Date of Registration:
Website: www.sinoma.cn
Add: No. 11 Beishuncheng Street, Xizhimen,
Beijing
Tel: 86 (0) 10-82228222
Fax: 86 (0) 10-82229222
MANAGEMENT
Zhang
Qi , Legal Representative and Chairman
----------------------------------------------------------------------
Ø 
Gender: M
Ø Age: 51
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as legal representative
and chairman
Hu
Yeming , President
----------------------------------------
Ø Gender: M
Ø Age: 54
Ø Qualification:
University
Ø Working experience
(s):
At present, working in SC as president
Vice
President
------------------
Ge Liwu
Liu Chunyan
Wei Wenhua
Yang Zexue
BUSINESS
OPERATION
SC’s
registered business scope includes electricity, heat, waste heat, excess
pressure, residual gas utilization, solid waste disposal, environmental
governance, new energy, lighting energy saving renovation (semiconductor street
lamp lighting), building energy saving system engineering project development,
consulting, technology services, design, engineering general contracting; waste
heat power generation project investment; contract energy management services;
development and construction of distributed power source; research &
development and sales of energy saving and environmental protection equipment,
building materials, metal materials, insulation materials, electrical
machinery; providing clean development mechanism project development programs
and technical advice; selling CER produced by clean development mechanism
projects; import and export business; contracted foreign projects suited to its
strength, size, and performance; send laborers to abroad required for overseas
projects (with permit if needed).
SC is mainly
engaged in waste heat power generation project investment, technology
development, system integration, engineering design, consulting and general
contracting.
SC’s services
mainly include:
Investment
& Cooperation
EMC
EPC
Engineering
Design & Service
CDM
Completeness
of Technology & Equipment
The buying terms of SC include T/T, L/C and Credit of 30-60 days. The payment terms of SC include T/T, L/C and Credit of 30-60 days.
Staff & Office:
--------------------------
SC is known
to have approx. 1,835 staff (including SC’s subsidiaries) at present.
SC rents an area
as its operating office, but the detailed information is unknown.
RELATED
COMPANY
SC is known to have 12
subsidiaries at present,
n
Wuhan Building Material Industry Design & Research Institute Co.,
Ltd.
n
Sinoma Energy Conservation Ltd. Beijing Project Branch
n
Sinoma Energy Conservation (Wuhan) Co., Ltd.
n
Yun’an County Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Chuzhou Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Xiangtan Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Luquan Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Zhuzhou Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Yu’nan County Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Changde Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Hanjiang Sinoma Energy Conservation Cogeneration Co., Ltd.
n
Shizong Sinoma Energy Conservation Cogeneration Co., Ltd.
PAYMENT
Overall payment appraisal:
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet be determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience (through current enquiry with SC's
suppliers), our delinquent payment and our debt collection record concerning
SC.
Trade payment experience: SC did not
provide any name of trade/service suppliers and we have no other sources to conduct
the enquiry at present.
Delinquent payment record: None in our
database.
Debt collection record: No overdue amount
owed by SC was placed to us for collection within the last 6 years.
BANKING
The bank
information of SC is not filed in SAIC.
FINANCIALS
Consolidated Balance Sheet
|
Unit: CNY’000 |
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
443,675 |
482,490 |
|
|
Notes receivable |
163,927 |
151,112 |
|
Accounts
receivable |
394,468 |
423,204 |
|
Advances to
suppliers |
81,267 |
109,712 |
|
Other receivable |
46,691 |
39,789 |
|
Inventory |
658,947 |
607,557 |
|
Non-current
assets within one year |
0 |
0 |
|
Other current
assets |
21,033 |
37,209 |
|
|
------------------ |
------------------ |
|
Current assets |
1,810,008 |
1,851,073 |
|
Available-for-sale
financial assets |
21,776 |
22,397 |
|
Long-term
receivables |
0 |
44,236 |
|
Investment real
estate |
62,151 |
60,712 |
|
Fixed assets |
490,779 |
518,262 |
|
Construction in
progress |
168,505 |
303,059 |
|
Intangible
assets |
157,931 |
154,120 |
|
Long-term
deferred expenses |
8,312 |
6,579 |
|
Deferred income
tax assets |
23,940 |
26,055 |
|
Other
non-current assets |
0 |
80,000 |
|
|
------------------ |
------------------ |
|
Total assets |
2,743,402 |
3,066,493 |
|
|
============= |
============= |
|
Short-term loans |
70,000 |
210,000 |
|
Notes payable |
54,181 |
116,917 |
|
Accounts payable |
369,646 |
375,412 |
|
Wages payable |
10,665 |
14,314 |
|
Taxes payable |
19,940 |
23,704 |
|
Dividend payable |
79,839 |
78,788 |
|
Advances from clients |
457,437 |
425,759 |
|
Other payable |
41,190 |
29,543 |
|
Non-current
liabilities due within one year |
160,000 |
84,000 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
1,262,898 |
1,358,437 |
|
Non-current
liabilities |
131,770 |
207,162 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
1,394,668 |
1,565,599 |
|
Equities |
1,348,734 |
1,500,894 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
2,743,402 |
3,066,493 |
|
|
============= |
============= |
Consolidated Income Statement
|
Unit: CNY’000 |
As of Dec. 31,
2013 |
As of Dec. 31,
2014 |
|
Revenue |
1,516,464 |
1,521,463 |
|
Cost of sales |
1,173,616 |
1,133,047 |
|
Taxes and surcharges |
7,578 |
11,656 |
|
Sales expense |
23,767 |
44,692 |
|
Management expense |
191,053 |
213,285 |
|
Finance expense |
12,352 |
8,040 |
|
Asset impairment loss |
10,856 |
16,677 |
|
Investment
income |
5,389 |
5,281 |
|
Non-business
income |
36,913 |
50,269 |
|
Non-business expense |
276 |
640 |
|
Profit before
tax |
139,268 |
148,976 |
|
Less: profit tax |
21,406 |
27,400 |
|
117,862 |
121,576 |
Important Ratios
=============
|
|
As
of Dec. 31, 2013 |
As
of Dec. 31, 2014 |
|
*Current ratio |
1.43 |
1.36 |
|
*Quick ratio |
0.91 |
0.92 |
|
*Liabilities
to assets |
0.51 |
0.51 |
|
*Net profit
margin (%) |
7.77 |
7.99 |
|
*Return on
total assets (%) |
4.30 |
3.96 |
|
*Inventory /
Revenue ×365 |
159 days |
146 days |
|
*Accounts receivable
/ Revenue ×365 |
95 days |
102 days |
|
*Revenue /
Total assets |
0.55 |
0.50 |
|
*Cost of sales
/ Revenue |
0.77 |
0.74 |
FINANCIAL
COMMENTS
PROFITABILITY:
FAIRLY GOOD
l The revenue of SC
appears fairly good in its line.
l SC’s net profit margin
is fairly good.
l SC’s return on
total assets is fairly good.
l
SC’s cost of goods sold is average, comparing with
its revenue.
LIQUIDITY: AVERAGE
l
The current ratio of SC is maintained in a normal
level.
l
SC’s quick ratio is maintained in a normal level.
l
The inventory of SC is maintained in an average
level.
l
The accounts receivable of SC is maintained in an
average level.
l
The short-term loans of SC appear average.
l
SC’s revenue is in a fair level, comparing with the
size of its total assets.
LEVERAGE: FAIRLY
GOOD
l
The debt ratio of SC is average.
l
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly Good.
CONCLUSIONS
SC is considered medium-sized in its line with fairly good financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.47 |
|
|
1 |
Rs.98.47 |
|
Euro |
1 |
Rs.70.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.