MIRA
INFORM REPORT
|
Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
DIRUI INDUSTRIAL CO., LTD. |
|
|
|
|
Registered Office : |
No. 95, Yunhe Street, New & High-Tech Development Zone, Changchun,
Jilin Province, 130012 Pr |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
26.12.1994 |
|
|
|
|
Com. Reg. No.: |
220107020005041 |
|
|
|
|
Legal Form : |
Shares Limited Co. |
|
|
|
|
Line of Business : |
Subject is engaged in researching,
developing, manufacturing and selling urine, urinary sediment, biochemical,
blood cells and other medical testing equipment as well as supporting
dipstick reagent. |
|
|
|
|
No. of Employees : |
1,303 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow but Correct |
|
|
|
|
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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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, creation of a diversified banking system, development of
stock markets, rapid growth of the private sector, 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 it considers important to "economic security," explicitly
looking to foster globally competitive national champions. After keeping its
currency tightly linked to the US dollar for years, in July 2005 China revalued
its currency by 2.1% against the US dollar and 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. 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 2012 stood as the second-largest economy in the world after the US, having
surpassed Japan in 2001. The dollar values of China's agricultural and
industrial output each exceed those of the US; China is second to the US in the
value of services it produces. 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
demand; (b) sustaining adequate job growth for tens of millions of migrants and
new entrants to the work force; (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 2011 more than 250 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. In 2010-11, China
faced high inflation resulting largely from its credit-fueled stimulus program.
Some tightening measures appear to have controlled inflation, but GDP growth
consequently slowed to under 8% for 2012. An economic slowdown in Europe
contributed to China's, and is expected to further drag Chinese growth in 2013.
Debt overhang from the stimulus program, particularly among local governments,
and a property price bubble challenge policy makers currently. The government's
12th Five-Year Plan, adopted in March 2011, emphasizes continued economic
reforms and the need to increase domestic consumption in order to make the
economy less dependent on exports in the future. However, China has made only
marginal progress toward these rebalancing goals.
|
Source
: CIA |
company name and address
DIRUI INDUSTRIAL CO., LTD.
NO. 95, YUNHE STREET, NEW & HIGH-TECH DEVELOPMENT ZONE, CHANGCHUN,
JILIN PROVINCE, 130012 PR CHINA
TEL: 86 (0) 431-85100406/85100409/81931012 FAX:
86 (0) 431-85173354
EXECUTIVE SUMMARY
INCORPORATION DATE :
DEC. 26, 1994
REGISTRATION NO. :
220107020005041
REGISTERED LEGAL FORM : SHARES LIMITED CO.
CHIEF EXECUTIVE :
MR. SONG YONG (CHAIRMAN)
STAFF STRENGTH :
1,303
REGISTERED CAPITAL : CNY 46,000,000
BUSINESS LINE :
R&D, MANUFACTURE AND TRADE
TURNOVER :
CNY 358,055,000 (Consolidated, AS OF
DEC. 31, 2011)
EQUITIES :
CNY 251,607,000 (Consolidated, AS OF
DEC. 31, 2011)
PAYMENT :
AVERAGE
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE (AS OF DEC. 31, 2011)
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.10 = USD 1
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY - China Yuan Renminbi
SC was registered as a limited liabilities company at local Administration for Industry
& Commerce (AIC - The official body of issuing and renewing business
license) on Dec. 26, 1994, and has been under the present legal form since
July, 2010.
Company Status: Shares
limited co. This form of business in PR
China is defined as a legal person. It is a limited co. jointly invested by
one or more foreign companies and one or more PR China controlled companies
within the territories of PR China according to a certain proportion of
capital investment. The investing parties exercise business management,
share profits and bear all risks and liabilities of the co. together. The
equity joint venture law requires that foreign party contribute not less
than 25% of the registered capital, with no maximum. The investing parties
are free to agree on method of profit distribution and liabilities bearing
according to the proportion of capital investment. Each investing parties
contributes funds, tangible assets, technology & etc. The board of
directors excises the high authority. The joint venture usually has a
limited duration of 10 to 50 years. Enterprise with large investment, long
construction periods, low investment returns, introducing of advanced
technology & advanced technology products that have good competition
position in international market may extend beyond the 50 years limit.
SC’s registered business scope includes manufacturing class Ⅲ 6840 cynical laboratory analytical instruments and class Ⅱ 6840 clinical testing of the instruments (medical
equipment production license validity period as of Dec. 7, 2015), class I 6840
clinical laboratory analytical instruments (the above items in the validity of
the license to engage in business), selling class I and class II medical
device; 222 medical optical apparatus, instruments and endoscopic equipment,
323 medical ultrasound equipment and related equipment, 325 medical high
frequency equipment, 328 magnetic resonance equipment for medical, 230/330
medical X-ray equipment, 233 medical radionuclide equipment, 240 clinical
laboratory analytical instruments, 241 medical laboratory and infrastructure
equipment, 266 medical polymer materials and products; developing and selling
raw and auxiliary materials of self-produced products and semi-manufactured
goods, raw and auxiliary materials required by the research, machinery and
equipment, instrumentation, software, after-sales service of the manufacturing
and operating products and leasing business (the items prohibited by national
laws and regulations shall not be operated; the special approval of the project
not approved shall not operate)
SC is mainly engaged in researching,
developing, manufacturing and selling urine, urinary sediment, biochemical,
blood cells and other medical testing equipment as well as supporting dipstick
reagent.
Mr. Song Yong is legal representative and chairman of SC at present.
SC is known to have approx. 1,303 employees at present,
including 522 production staff, 84 management staff, 312 technicians, 30
financial staff, and 355 salesmen.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the new & high-tech development
zone of Changchun. Our checks reveal that SC owns the total premise, but the
gross area of the premise is unspecific.
http://www.dirui.com.cn
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-mail: dirui.china@dirui.com.cn
Changes of its
registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
|
2010-7 |
|
|||
|
Legal form |
Limited Liabilities Company |
Present one |
||
Note: SC changed its Chinese name in 2010, while its English name
remains the same.
SC has got the certificates of CMD-9001, CMD-13485, ISO9001, etc.
Etc.
SC is planning to list in Growth Enterprise Market.
MAIN SHAREHOLDERS:
Name % of Shareholding
Changchun Ruifa Investment Co., Ltd. (in Chinese Pinyin) 71.74
Shanghai Fosun Pharmaceutical (Group) Co., Ltd. 6.46
Song Yong 11.54
Song Jie 5.25
Gu Xiaofeng 4.20
Other 34 individuals 0.81
Changchun Ruifa Investment Co., Ltd. (in Chinese Pinyin)
=========================================
Legal rep.: Song Yong
Registered capital: CNY 25,000,000
Legal Representative and Chairman:
Mr. Song Yong, born in 1963, with master’s degree. He is currently
responsible for the overall management of SC.
Working
Experience(s):
At present Working
in SC as legal representative and chairman.
Also working in Changchun Ruifa Investment Co., Ltd. as legal
representative.
Vice Chairman:
Mr. Gu Xiaofeng , born in 1960, with university education. He is
currently responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as vice chairman.
General Manager:
Ms. Song Jie, born in 1971, with university education. She is currently
responsible for the daily management of SC.
Working
Experience(s):
At present Working
in SC as general manager.
Directors:
Jiang Feng
Ding Jiahua
Ji Feng
Supervisors:
Yu Ge
Yu Mingxin
Zhang Lichong
SC is mainly engaged in researching,
developing, manufacturing and selling urine, urinary sediment, biochemical,
blood cells and other medical testing equipment as well as supporting dipstick
reagent.
SC’s products mainly include:
Chemistry Analyzer
• CS-6400 Auto-Chemistry Analyzer
• CS-1600 Auto-Chemistry Analyzer
• CS-800 Auto-Chemistry Analyzer
• CS-600B Auto-Chemistry Analyzer
• CS-400 Auto-Chemistry Analyzer
• CS-300B Auto-Chemistry Analyzer
• CS-T240 Auto-Chemistry Analyzer
• DR-7000D Chemistry Analyzer
Hematology Analyzer
• BF-6800 Automatic Hematology Analyzer
• BF-6500 Automatic Hematology Analyzer
• BCC-3000B Hematology Analyzer
Urine Analyzer
• Automatic Urinalysis System(FUS-100/H-800)
• FUS-100 Urine Sediment Analyzer
• Automatic Urinalysis System(FUS-200/H-800)
• H-1000 Automatic Urine Analyzer
• H-800 Automatic Urine Analyzer
• FUS-200 Urine Sediment Analyzer
• H-500 Urine Analyzer
• H-100 Urine Analyzer
Fecal Occult Blood Analyzer
• FB-100 Fecal Occult Blood Analyzer
Reagents and Consumables
• Urinalysis Strips
• Urinalysis Control
• Automatic Urine
Analyzer Detergent
• Urine Sediment
Analyzer Reagent
• Hematology Analyzer
Reagent
• Chemistry Reagent
• Chemistry Control and
Calibration Serum
• Chemistry Analyzer
Detergent
• ISE Reagent
SC sources its materials 70% from domestic market, and 30% from overseas
market. SC sells 60% of its products in domestic market, and 40% to overseas
market, mainly Germany, the United States, Turkey, Russia, etc.
The buying terms of SC include Check, 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.
*Major Customers:
==============
Beijing Biochem Hengye Science & Technology Development Co. Ltd.
RNA Molekuler Biyolojik Urunler San.Tic.Ltd.Sti (Turkey)
Electronic Pezeshki Pishrafteh CO., Ltd. (Iran)
RANDOX Laboratories Ltd. (Northern Ireland)
Jilin Ruiyi Medical Supplies Co., Ltd.
*Major Suppliers:
============
Shenzhen Jiezhun Precision Machinery Co., Ltd.
Shenzhen Kepu Precision Machinery Co., Ltd.
Dalian Burket Fludid Control Systems Co., Ltd.
Arrow (China) Electronic Commerce Co., Ltd.
IDEX Trading (Shanghai) Co., Ltd.
Changchun Dirui Pharmaceutical Co., Ltd.
Legal rep.: Ma Yonghong
Overall payment appraisal:
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet 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’s supplier declined to make any
commends, so the trade reference is not available.
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.
The bank information of SC is not available.
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2010 |
|
Cash & bank |
84,674 |
59,410 |
|
Inventory |
120,261 |
74,999 |
|
Accounts receivable |
47,048 |
28,754 |
|
Advances to suppliers |
13,565 |
10,468 |
|
Other receivables |
8,437 |
3,446 |
|
Other current assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current assets |
273,985 |
177,077 |
|
Long-term investments |
0 |
0 |
|
Fixed assets net value |
53,786 |
46,803 |
|
Projects under construction |
48,896 |
0 |
|
Intangible assets |
8,652 |
8,180 |
|
Deferred income tax assets |
538 |
313 |
|
Other assets |
0 |
0 |
|
|
------------------ |
------------------ |
|
Total assets |
385,857 |
232,373 |
|
|
============= |
============= |
|
Short loans |
50,000 |
0 |
|
Notes payable |
18,037 |
0 |
|
Accounts payable |
28,686 |
35,071 |
|
Advances from customers |
11,559 |
4,403 |
|
Employee Payable |
6,053 |
4,314 |
|
Taxes payable |
9,983 |
6,069 |
|
Other accounts payable |
384 |
1,299 |
|
Other current liabilities |
0 |
0 |
|
|
----------------- |
----------------- |
|
Current liabilities |
124,702 |
51,156 |
|
Long term liabilities |
9,548 |
5,921 |
|
|
------------------ |
------------------ |
|
Total liabilities |
134,250 |
57,077 |
|
Shareholders equities |
251,607 |
175,296 |
|
|
------------------ |
------------------ |
|
Total liabilities & equities |
385,857 |
232,373 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2011 |
as of Dec. 31, 2010 |
|
Turnover |
358,055 |
231,187 |
|
Cost of goods sold |
167,541 |
115,755 |
|
Taxes and additional of main operation |
2,872 |
1,406 |
|
Sales expense |
61,589 |
38,535 |
|
Management expense |
41,946 |
29,388 |
|
Finance expense |
2,778 |
1,611 |
|
Asset impairment loss |
2,191 |
1,352 |
|
Investment income |
0 |
17,633 |
|
Non-operating income |
9,400 |
7,513 |
|
Non-operating expense |
406 |
497 |
|
Profit before tax |
646,778 |
444,877 |
|
Less: profit tax |
11,821 |
7,556 |
|
Net profit |
76,311 |
60,233 |
Note: SC’s management declined to release the latest financial
information.
Important Ratios
=============
|
|
as of Dec. 31,
2011 |
as of Dec. 31,
2010 |
|
*Current ratio |
2.20 |
3.46 |
|
*Quick ratio |
1.23 |
2.00 |
|
*Liabilities to assets |
0.65 |
0.25 |
|
*Net profit margin (%) |
21.31 |
26.05 |
|
*Return on total assets (%) |
19.78 |
25.92 |
|
*Inventory /Turnover ×365 |
123 days |
119 days |
|
*Accounts receivable/Turnover ×365 |
48 days |
46 days |
|
*Turnover/Total assets |
0.93 |
0.99 |
|
* Cost of goods sold/Turnover |
0.47 |
0.50 |
PROFITABILITY: GOOD
The turnover of SC appears fairly good in its line in
both years, and it increased in 2011.
SC’s net profit margin is good in both years.
SC’s return on total assets is good in both years.
SC’s cost of goods sold is low in both years, comparing
with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level in both
years.
SC’s quick ratio is maintained in a fairly good level in 2010 but normal
in 2011.
The inventory of SC appears fairly large in both years.
The accounts receivable of SC appears average in both years.
SC’s short-term loan is in an average level in 2011.
SC’s turnover is in an average level
in both years, comparing with the size of its total assets.
LEVERAGE: AVERAGE
The debt ratio of SC is low in 2010 but average in 2011.
The risk for SC to go bankrupt is low.
Overall financial
condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial
conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
|
|
1 |
Rs.100.92 |
|
Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.