MIRA INFORM REPORT
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Report No. : |
331748 |
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Report Date : |
20.07.2015 |
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 : |
China |
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Financials (as on) : |
31.12.2014 |
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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 Company |
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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 : |
1,309 (Approximately) |
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 : |
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) |
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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. 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 & 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 COMPANY
CHIEF EXECUTIVE :
MR. SONG YONG (CHAIRMAN)
STAFF STRENGTH :
1,309 (APPROXIMATELY)
REGISTERED CAPITAL : CNY 153,350,000
BUSINESS LINE : R&D, MANUFACTURE AND TRADE
TURNOVER :
CNY 486,472,000 (CONSOLIDATED,
AS OF DEC. 31, 2014)
EQUITIES :
CNY 919,822,000 (CONSOLIDATED, AS OF DEC. 31, 2014)
PAYMENT :
REGULAR
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY GOOD
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
CNY 6.2106 = 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. Its registered capital is divided into shares of equal par
value and the co. raises capital by issuing share certificates by promotion or
by public offer. Shareholders bear limited liability to the extent of
shareholding, and the co. is liable for its debts only to the extent of its
total assets. The co has independent property of legal person and enjoys
property rights of legal person. The characteristics of the shares limited co.
are as follows:
The
establishment of the co. requires at least two promoters and no more than 200,
half of whom shall be domiciled in China.. Natural person are allowed to serve
as promoters.
The minimum
registered capital of a co. is CNY
The board of
directors must consist of five to nineteen directors.
If the co. raises
capital by public offer, the promoters must not subscribe less than 35% of the
total shares. The promoters’ shares are restricted to transfer- within one year
of the offer.
A state-owned
enterprise that is restructured into a share limited co. must comply with the
conditions & requirements specified under the law & administrative
rule.
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. 1,309 employees at present.
The
subject operates from premises located at the heading address, and this address
houses its operating office and factory in the development zone of Changchun.
The detailed premise information is unspecified.
The
company has other factory located at No. 3333, Yiju Road, High-new Technology
Industrial Development Zone, Changchun.
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:
|
Date of change |
Item |
Before the change |
After the change |
|
2008-5 |
Registration No. |
2201072000349 |
Present one |
|
2009-7 |
Registered capital |
CNY 30,000,000 |
CNY 30,244,790 |
|
2010-7 |
Company name |
Changchun Dirui Industrial Company Limited |
Present one |
|
|
Legal form |
Limited liabilities company |
Present one |
|
|
Registered capital |
CNY 30,244,790 |
CNY 43,000,000 |
|
2010-9 |
Registered capital |
CNY 43,000,000 |
CNY 46,000,000 |
|
2014-9 |
Registered capital |
CNY 46,000,000 |
CNY 61,340,000 |
|
2015 |
Registered capital |
CNY 61,340,000 |
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
SC is a listed company in Shenzhen Stock Exchange Market with the code
of 300396.
The sources consulted record no detrimental legal court information.
Shareholders Parent Company (ies) (as of Mar. 31, 2015)
Name % of Shareholding
Changchun Ruifa Investment Co., Ltd. 53.8
Song Yong 8.65
Shanghai Fosun Pharmaceutical (Group)
Co., Ltd. 4.84
Song Jie 3.93
Gu Xiaofeng 3.15
Zhao Jianping 0.46
Liao Bin 0.33
Zhou Xiaoyan 0.16
Chi Yougui 0.16
Zhang Minlong 0.16
Other shareholders 24.36
Changchun Ruifa Investment Co., Ltd. (in
Chinese Pinyin)
=========================================
Registered no.: 220107000002192
Legal rep.: Song Yong
Registered capital: CNY 25,000,000
Establishment date:
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
Establishment date:
Web: http://www.fosunpharma.com
l
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
l
General Manager:
Mr. Zhong Weiyu, born
in 1969,
with university education. He is
currently responsible for the daily management of
SC.
Working Experience(s):
At present Working in SC as general manager.
l
Directors:
Song Yong
Song Jie
Ding Jiahua
Zhong Weiyu
Kang Xixiong
Ji Feng
Jiang Feng
l
Supervisors:
Yu Ge
Chen Chunli
Chuai Chunhong
Sun Chengyan
Zhang Lichong
The subject operates as
manufacturer and supplier of medical testing equipment; it 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.
Products/Services description:
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
Sales are:
wholesale
Operations area: National, Local,
International
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.
We could not get information about suppliers to confirm the trade
references.
Trademark & Patents
|
Registration No. |
5067825 |
4253664 |
5067817 |
|
Registration Date |
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Trademark Design |
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|
Etc.
SC is known to invest in the following company:
Changchun Ruike Medical Technology Co., Ltd.
Registered no.: 220107000006715
Legal representative: Song Jie
Establishment date:
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.
Industrial & Commercial Bank of China Changchun City Branch
AC#: 4200 2232
092000 47612
Consolidated
Balance Sheet
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Cash & bank |
91,348 |
557,000 |
|
Inventory |
163,234 |
127,779 |
|
Accounts
receivable |
77,691 |
87,680 |
|
Advances to
suppliers |
11,277 |
11,692 |
|
Other
receivables |
5,500 |
4,992 |
|
Other current
assets |
25,000 |
60,000 |
|
|
------------------ |
------------------ |
|
Current assets |
374,050 |
849,143 |
|
Long term
investment |
0 |
0 |
|
Fixed assets net
value |
159,019 |
155,970 |
|
Projects under
construction |
801 |
17,292 |
|
Intangible
assets |
9,081 |
10,220 |
|
Long-term
prepaid expenses |
678 |
441 |
|
Deferred tax
asset |
2,384 |
2,510 |
|
Other assets |
0 |
11,162 |
|
|
------------------ |
------------------ |
|
Total assets |
546,013 |
1,046,738 |
|
|
=========== |
=========== |
|
Short loan |
0 |
0 |
|
Bills payable |
22,500 |
9,259 |
|
Accounts payable |
44,018 |
21,739 |
|
Advances from customers |
17,847 |
21,284 |
|
Salary payable |
10,549 |
16,481 |
|
Taxes payable |
12,472 |
9,369 |
|
Other accounts
payable |
2,065 |
2,921 |
|
Other current
liabilities |
0 |
0 |
|
|
------------------ |
------------------ |
|
Current
liabilities |
109,451 |
81,053 |
|
Long term
liabilities |
37,485 |
45,863 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
146,936 |
126,916 |
|
Equities |
399,077 |
919,822 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
546,013 |
1,046,738 |
|
|
=========== |
=========== |
Consolidated
Income Statement
Unit: CNY’000
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
Turnover |
464,404 |
486,472 |
|
Cost of goods sold |
204,918 |
214,739 |
|
Taxes and additional
of main operation |
5,025 |
5,340 |
|
Sales expense |
80,002 |
82,437 |
|
Management
expense |
73,353 |
91,258 |
|
Finance expense |
1,324 |
-5,356 |
|
Investment
income |
0 |
635 |
|
Non-operating
income |
15,136 |
21,116 |
|
Non-operating expenses |
1,075 |
1,017 |
|
Profit before
tax |
105,914 |
114,709 |
|
Less: profit tax |
12,306 |
13,351 |
|
Profits |
93,608 |
101,358 |
The above financial
reports were obtained from the Public Annual Report.
Important Ratios
=============
|
|
as of Dec. 31, 2013 |
as of Dec. 31, 2014 |
|
*Current ratio |
3.42 |
10.48 |
|
*Quick ratio |
1.93 |
8.90 |
|
*Liabilities to assets |
0.27 |
0.12 |
|
*Net profit margin (%) |
20.16 |
20.84 |
|
*Return on total assets (%) |
17.14 |
9.68 |
|
*Inventory /Turnover ×365 |
129 days |
96 days |
|
*Accounts receivable/Turnover ×365 |
62 days |
66 days |
|
*Turnover/Total assets |
0.85 |
0.46 |
|
* Cost of goods sold/Turnover |
0.44 |
0.44 |
PROFITABILITY: FAIRLY
GOOD
l The turnover of SC appears fairly good in its
line.
l
SC’s
net profit margin is good.
l
SC’s
return on total assets is fairly good.
l SC’s cost of goods sold is low, comparing with
its turnover.
LIQUIDITY: FAIRLY GOOD
l The current ratio of SC is maintained in a
fairly good level.
l SC’s quick ratio is maintained in a fairly
good level.
l The inventory of SC appears fairly large.
l The accounts receivable of SC appears average.
l SC has no short loans in both years.
l SC’s turnover is in a fair level, comparing
with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l The debt ratio of SC is low.
l The risk for SC to go bankrupt is average.
Overall financial
condition of the SC: Fairly good.
The subject is a Shares limited co. The subject operates as manufacturer
and supplier of medical testing equipment.
There are approximately 1,309 employees, including the ones in SC’s
subsidiary.
No legal actions were traced against the subject during the course of this
investigation. No unfavorable information with regard to the subject's
commercial reputation was reported.
After our research and based on the information obtained we suggest a
credit line
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.49 |
|
|
1 |
Rs. 99.43 |
|
Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
DPT |
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.