MIRA
INFORM REPORT
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Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
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Name : |
DIRUI INDUSTRIAL CO., LTD. |
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Registered Office : |
No. 95, Yunhe Street, New & High-Tech Development Zone, Changchun, Jilin Province, 130012 PR |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
26.12.1994 |
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Com. Reg. No.: |
220107020005041 |
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Legal Form : |
Shares Limited Co |
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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 |
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No. of Employees |
1,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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China |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 and expanded 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 2013 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 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 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. 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
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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
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 : 1,000
REGISTERED CAPITAL : CNY 46,000,000
BUSINESS LINE :
R&D, MANUFACTURE AND TRADE
TURNOVER :
CNY 412,735,000 (Consolidated, AS OF
DEC. 31, 2012)
EQUITIES : CNY 338,851,000 (Consolidated, AS OF DEC. 31, 2012)
PAYMENT :
AVERAGE
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE : CNY 6.20 = 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
Note: we dialed the given fax no. (0431-85172581) many times, but it could not be connected.
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. 1,000 employees at present.
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, English and other versions.
E-mail: dirui.china@dirui.com.cn
Changes of its registered information are as follows:
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Date of change |
Item |
Before the change |
After the change |
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2008-5 |
Registration No. |
2201072000349 |
Present one |
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2009-7 |
Registered capital |
CNY 30,000,000 |
CNY 30,244,790 |
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2010-7 |
Company’s Chinese name |
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Present one |
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Legal form |
Limited Liabilities Company |
Present one |
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Registered capital |
CNY 30,244,790 |
CNY 43,000,000 |
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2010-9 |
Registered capital |
CNY 43,000,000 |
Present amount |
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.
Organization Code: 605902656
For the past two years there is no record of litigation.
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 shareholders 0.81
Changchun Ruifa Investment Co., Ltd. (in Chinese Pinyin)
=========================================
Legal rep.: Song Yong
Registered capital: CNY 25,000,000
Registered no.: 220107000002192
Shanghai Fosun Pharmaceutical (Group) Co., Ltd.
===========================
The company is a listed company in Shanghai Stock Exchange Market with the code of 600196.
Registered no.: 310000000036602
Legal rep.: Chen Qiyu
Web: http://www.fosunpharma.com
Tel: +86-21-23138000
Fax: +86-21-23138052
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 Ji 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.
Note: SC’s management declined to release its customer and supplier details.
Changchun Dirui Pharmaceutical Co., Ltd.
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Registered no.: 220107020002598
Legal rep.: Ma Yonghong
Date of incorporation:
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 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.
The bank information of SC is not available.
Consolidated Balance Sheet
Unit: CNY’000
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as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
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Cash & bank |
84,674 |
/ |
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Inventory |
120,261 |
/ |
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Accounts receivable |
47,048 |
/ |
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Advances to suppliers |
13,565 |
/ |
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Other receivables |
8,437 |
/ |
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Other current assets |
0 |
/ |
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Current assets |
273,985 |
/ |
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Long-term investments |
0 |
5,000 |
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Fixed assets net value |
53,786 |
/ |
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Projects under construction |
48,896 |
/ |
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Intangible assets |
8,652 |
/ |
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Deferred income tax assets |
538 |
/ |
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Other assets |
0 |
/ |
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Total assets |
385,857 |
493,714 |
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Short loans |
50,000 |
/ |
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Notes payable |
18,037 |
/ |
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Accounts payable |
28,686 |
/ |
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Advances from customers |
11,559 |
/ |
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Employee Payable |
6,053 |
/ |
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Taxes payable |
9,983 |
/ |
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Other accounts payable |
384 |
/ |
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Other current liabilities |
0 |
/ |
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Current liabilities |
124,702 |
/ |
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Long term liabilities |
9,548 |
/ |
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Total liabilities |
134,250 |
154,863 |
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Shareholders equities |
251,607 |
338,851 |
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Total liabilities & equities |
385,857 |
493,714 |
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Consolidated Income Statement
Unit: CNY’000
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as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
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Turnover |
358,055 |
412,735 |
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Cost of goods sold |
167,541 |
/ |
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Taxes and additional of main operation |
2,872 |
/ |
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Sales expense |
61,589 |
/ |
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Management expense |
41,946 |
/ |
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Finance expense |
2,778 |
/ |
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Asset impairment loss |
2,191 |
/ |
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Investment income |
0 |
/ |
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Non-operating income |
9,400 |
/ |
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Non-operating expense |
406 |
/ |
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Profit before tax |
88,132 |
99,514 |
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Less: profit tax |
11,821 |
12,035 |
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Net profit |
76,311 |
87,479 |
Note: SC has not lodged the latest annual returns in the local registry, hence no up-to-date detailed financial information could be provided.
Important Ratios
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as of Dec. 31, 2011 |
as of Dec. 31, 2012 |
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*Current ratio |
2.20 |
/ |
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*Quick ratio |
1.23 |
/ |
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*Liabilities to assets |
0.35 |
0.31 |
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*Net profit margin (%) |
21.31 |
21.19 |
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*Return on total assets (%) |
19.78 |
17.72 |
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*Inventory /Turnover ×365 |
123 days |
/ |
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*Accounts receivable/Turnover ×365 |
48 days |
/ |
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*Turnover/Total assets |
0.93 |
0.84 |
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* Cost of goods sold/Turnover |
0.47 |
/ |
PROFITABILITY: GOOD
The turnover of SC appears fairly
good in its line, and it increased in 2012.
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
2011, comparing with its turnover.
LIQUIDITY: AVERAGE
The current ratio of SC is maintained in a fairly good level in 2011.
SC’s quick ratio is maintained in a normal level in 2011.
The inventory of SC appears fairly large in 2011.
The accounts receivable of SC appears average in 2011.
SC’s short-term loan is in an average level in 2011.
SC’s turnover is in a fair level in both years, comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
The debt ratio of SC is low in both years.
The risk for SC to go bankrupt is average.
Overall financial condition of the SC: Fairly stable.
SC is considered large-sized in its line with fairly stable financial conditions.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.19 |
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1 |
Rs.103.15 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
-- |
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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.