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MIRA INFORM REPORT
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Report No. : |
511111 |
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Report Date : |
26.05.2018 |
IDENTIFICATION DETAILS
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Name : |
DIRUI INDUSTRIAL CO., LTD. |
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Registered Office : |
No. 95 Yunhe Street New And Tech Development
Zone Changchun Jilin Province, Pr |
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Country : |
China |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
26.12.1994 |
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Credibility Code : |
91220101605902656F |
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Legal Form : |
Shares Limited Co. |
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Line of Business : |
The subject’s registered business scope includes technology
development, technology transfer, technical consultation and technical
service in the field of medical science and technology; manufacturing Class
III 6840 clinical test analysis instrument, class III 6840 in vitro
diagnostic reagent, class II 6840 clinical test analysis instrument, class II
6840 vitro diagnostic reagent; Class I 6840 clinical test analysis instrument
and class I 6840 vitro diagnostic reagent; selling class I of medical
instruments and Class II medical instruments: 6822 medical optical
instruments, instruments and endoscope equipment, 6830 medical X ray
equipment, 6833 medical radionuclide equipment, 6840 clinical test analysis
instruments and diagnostic reagents, 6841 medical laboratory and basic
equipment, 6866 medical polymer materials and products, Class III medial
device: 6823 medical ultrasonic instrument and related equipment, 6825
medical high frequency instrument and equipment, 6828 medical magnetic
resonance equipment, 6830 medical X ray equipment, 6840 clinical test
analysis instrument and diagnostic reagent; selling raw and auxiliary
materials and semi-finished products of self-produced products, raw and
auxiliary materials, mechanical equipment, instruments and meters needed for
scientific research; developing and selling software; after-sales service and
leasing business of production and operation products. |
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No. of Employees : |
1,769 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
China |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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. China has implemented reforms in a gradualist fashion, resulting in efficiency gains that have contributed to a more than tenfold increase in GDP since 1978. Reforms began with the phaseout 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 continues to pursue an industrial policy, state support of key sectors, and a restrictive investment regime. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2016 stood as the largest economy in the world, surpassing the US in 2014 for the first time in modern history. China became the world's largest exporter in 2010, and the largest trading nation in 2013. Still, China's per capita income is below the world average.
After keeping its currency tightly linked to the US dollar for years, China in July 2005 moved to an exchange rate system that references a basket of currencies. From mid-2005 to late 2008, the renminbi appreciated more than 20% against the US dollar, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing announced it would allow a resumption of gradual liberalization. From 2013 until early 2015, the renminbi (RMB) appreciated roughly 2% against the dollar, but the exchange rate fell 13% from mid-2015 until end-2016 amid strong capital outflows in part stemming from the August 2015 official devaluation; in 2017 the RMB resumed appreciating against the dollar – roughly 7% from end-of-2016 to end-of-2017. From 2013 to 2017, China had one of the fastest growing economies in the world, averaging slightly more than 7% real growth per year. In 2015, the People’s Bank of China announced it would continue to carefully push for full convertibility of the renminbi, after the currency was accepted as part of the IMF’s special drawing rights basket. However, since late 2015 the Chinese Government has strengthened capital controls and oversight of overseas investments to better manage the exchange rate and maintain financial stability.
The Chinese Government faces numerous economic challenges including: (a) reducing its high domestic savings rate and correspondingly low domestic household consumption; (b) managing its high corporate debt burden to maintain financial stability; (c) controlling off-balance sheet local government debt used to finance infrastructure stimulus; (d) facilitating higher-wage job opportunities for the aspiring middle class, including rural migrants and college graduates, while maintaining competitiveness; (e) dampening speculative investment in the real estate sector without sharply slowing the economy; (f) reducing industrial overcapacity; and (g) raising productivity growth rates through the more efficient allocation of capital and state-support for innovation. Economic development has progressed further in coastal provinces than in the interior, and by 2016 more than 169.3 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of China’s population control policy known as the “one-child policy” - which was relaxed in 2016 to permit all families to have two children - 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 urbanization. The Chinese Government is seeking to add energy production capacity from sources other than coal and oil, focusing on natural gas, nuclear, and clean energy development. In 2016, China ratified the Paris Agreement, a multilateral agreement to combat climate change, and committed to peak its carbon dioxide emissions between 2025 and 2030.
The government's 13th Five-Year Plan, unveiled in March 2016, emphasizes the need to increase innovation and boost domestic consumption to make the economy less dependent on government investment, exports, and heavy industry. However, China has made more progress on subsidizing innovation than rebalancing the economy. Beijing has committed to giving the market a more decisive role in allocating resources, but the Chinese Government’s policies continue to favor state-owned enterprises and emphasize stability. Chinese leaders in 2010 pledged to double China’s GDP by 2020, and the 13th Five Year Plan includes annual economic growth targets of at least 6.5% through 2020 to achieve that goal. 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. Chinese leaders also have undermined some market-oriented reforms by reaffirming the “dominant” role of the state in the economy, a stance that threatens to discourage private initiative and make the economy less efficient over time. The slight acceleration in economic growth in 2017—the first such uptick since 2010—gives Beijing more latitude to pursue its economic reforms, focusing on financial sector deleveraging and its Supply-Side Structural Reform agenda, first announced in late 2015.
|
Source
: CIA |
Company name & address
Company Name : DIRUI
INDUSTRIAL CO., LTD.
Address : NO.
95 YUNHE STREET NEW AND TECH DEVELOPMENT ZONE
CHangchun jilin
PROVINCE, PR CHINA
Telephone : 0086- 431-85100409
Facsimile : 0086- 431-85173354
Website : http://www.dirui.com.cn/cn/
Email : dirui.china@dirui.com.cn
REGISTRATION
INFORMATION
Established Date : 1994-12-26
Credibility Code : 91220101605902656F
Legal Form : Shares
Limited Co.
Registration Authority: Administration for Industry & Commerce
(AIC) – High-Tech Industrial
Development Zone Branch, Changchun
Status : Active
Registered Capital : RMB 153,350,000
Paid-up capital : RMB 153,350,000
Turnover : RMB 867,690,000 (Consolidated as of Dec. 31, 2017)
Equities : RMB 1,414,344,000 (Consolidated as of Dec. 31,
2017)
Chief Executive : Song Yong
Business Line : Manufacturer
Manpower : 1,769
Tax Registration
Certificate No. : 91220101605902656F
Organization Code : 60590265-6
HS code : 2201360001
Import &
Export code: 2201605902656
Financial Condition : Fairly
good
Business Size : Large Enterprise
Payment : Regular
Registered Address
NO. 95 YUNHE STREET NEW AND TECH
DEVELOPMENT ZONE CHANGCHUN JILIN PROVINCE, PR CHINA
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 RMB 5M. while that of the co.
with foreign investment is RMB 5M. The total capital of a co. which propose to
apply for publicly listed must be no less than RMB 30M.
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 shares limited co.
must comply with the conditions & requirements specified under the law
& administrative rule.
Premise
The subject operates from premises located at
the heading address, and this address houses its operating office and factory
in Changchun. Our checks reveal that the subject owns the total premise, but
the square meters are unknown.
MANAGEMENT
|
Position |
Name |
Nationality |
|
Legal representative, Chairman |
Song Yong |
Chinese |
|
General Manager |
Song Jie |
|
|
Vice General Manager |
Li Jing He Haohui Zheng Guoming |
Chinese |
|
Directors |
Song Jie Zhang Wen Sun Chengyan Liu Ning Zhi Li Xu Shan |
Chinese |
|
Supervisors |
Yu Ge Wang Ludi Wang Yunli |
Chinese |
MAJOR SHAREHOLDERS
Name (As of 2018-03-31) % Shareholding
Changchun Ruifa Investment Co., Ltd. 53.8
Song Jie 7.07
Song Yong 6.7
Shaanxi International Trust co Ltd - Shaan Guo tou chi Ying
53 securities investment collective fund trust scheme
1.98
Central Huijin Asset Management Co., Ltd. 1.01
Shanghai Qian Rong Asset Management Co., Ltd. - Private Fund
Of Qian Sheng 20.76
Han Bing 0.55
Shanghai Qian Rong Asset Management Co., Ltd. - Private Fund
Of Qian Sheng 40.54
Xiang Yang 0.44
Zhang Yi 0.43
Other Shareholders 26.72
Changchun Ruifa Investment Co., Ltd.
------------------------------------------
Credibility Code: 91220102697761837B
Legal representative: Song Yong 宋勇
Registered Capital: RMB 25,000,000
Established Date: 2010-01-20
KEY EVENTS
Changes
of its registered information are as follows:
|
Date of change |
Item |
Before the change |
After the change |
|
2017-05-11 |
Company name |
CHANGCHUN DIRUI INDUSTRIAL CO LTD |
Present one |
|
2015-05-11 |
Registered capital |
RMB 61,340,000 |
Present one |
|
2014-09-24 |
Registered capital |
RMB 46,000,000 |
RMB 61,340,000 |
|
2010-09-28 |
Registered capital |
RMB 43,000,000 |
RMB 46,000,000 |
|
2010-07-29 |
Company Chinese name |
CHANGCHUN DIRUI INDUSTRIAL CO LTD |
CHANGCHUN DIRUI INDUSTRIAL CO LTD |
|
2010-07-29 |
Registered capital |
RMB 30,244,790 |
RMB 43,000,000 |
|
2010-06-28 |
Registered capital |
RMB 30,000,000 |
RMB 30,244,790 |
BUSINESS OPERATIONS
The subject’s registered business scope includes technology development,
technology transfer, technical consultation and technical service in the field
of medical science and technology; manufacturing Class III 6840 clinical test
analysis instrument, class III 6840 in vitro diagnostic reagent, class II 6840
clinical test analysis instrument, class II 6840 vitro diagnostic reagent;
Class I 6840 clinical test analysis instrument and class I 6840 vitro
diagnostic reagent; selling class I of medical instruments and Class II medical
instruments: 6822 medical optical instruments, instruments and endoscope
equipment, 6830 medical X ray equipment, 6833 medical radionuclide equipment,
6840 clinical test analysis instruments and diagnostic reagents, 6841 medical
laboratory and basic equipment, 6866 medical polymer materials and products,
Class III medial device: 6823 medical ultrasonic instrument and related
equipment, 6825 medical high frequency instrument and equipment, 6828 medical
magnetic resonance equipment, 6830 medical X ray equipment, 6840 clinical test
analysis instrument and diagnostic reagent; selling raw and auxiliary materials
and semi-finished products of self-produced products, raw and auxiliary
materials, mechanical equipment, instruments and meters needed for scientific
research; developing and selling software; after-sales service and leasing
business of production and operation products.
The subject is mainly engaged in
manufacturing and selling medical device.
Products:
CHEMISTRY ANALYZER
CS-6400 Auto-Chemistry System
CS-1600 Auto-Chemistry Analyzer
CS-1300B Auto-Chemistry Analyze
CS-1200 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 Semi-Automatic Chemistry Analyzer
HEMATOLOGY ANALYZER
BF-6880 Automatic Hematology Analyzer
BF-6800 Automatic Hematology Analyzer
BF-6500 Automatic Hematology Analyzer
BCC-3600 Hematology Analyzer
URINE ANALYZER
Automatic Urinalysis System(FUS-200/H-800)
Automatic Urinalysis System(FUS-100/H-800)
FUS-2000 Urinalysis Hybrid
FUS-200 Urine Sediment Analyzer
FUS-100 Urine Sediment Analyzer
H-800 Automatic Urine Analyzer
H-500 Urine Analyzer
H-100 Urine Analyzer
REAGENTS AND CONSUMABLES
Hematology Control and Calibration
Urinalysis Strips
Urinalysis Control
Automatic Urine Analyzer Detergent
Urine Sediment Analyzer Reagent
Hematology Analyzer Reagent
Chemistry Reagent [ 7020 ]
Chemistry Control and Calibration Serum
Chemistry Analyzer Detergent
ISE Reagent
The
subject sources its materials 60% from domestic market, and 40% from overseas
market. the subject sells 30% of its products in domestic market, and 70% to
overseas market, mainly Argentina, Ecuador, etc.
The
buying terms of the subject include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of the subject include Check, T/T, L/C and Credit of 30-60
days.
SUPPLIER
& CUSTOMER
*Major
customer:
Inmunochem Sac (Peru)
Bioter
Diagnostica S.A.S. (Colombia)
Etc.
RELATED COMPANIES
Subsidiaries
Uray Bio Med Shenzhen co., Ltd
========================
Credibility Code:
91440300MA5DERF2X4
Legal
representative: Zheng Zehui
Registered Capital:
RMB 20,000,000
Established Date:
2016-06-17
Shenzhen Dirui
Industrial Co., Ltd
========================
Credibility Code:
91440300MA5D8Y40X9
Legal
representative: Song Jie
Registered Capital:
RMB 20,000,000
Established Date:
2016-03-22
Etc.
Branches
Dirui Industrial Co
Ltd Liaoning Branch
========================
Credibility Code:
91210102MA0UT2GK3F
Principal: Wang
Shukun
Established Date:
2017-12-19
Etc.
NEGATIVE INFORMATION
Lawsuit Record: No record.
Trade payment experience: The subject 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 the subject was placed to us for collection
within the last 6 years.
Customs administrative penalty: No record.
Equity freeze information: No record.
Administrative Penalty: No record.
MORTGAGE
There is no record of mortgage information at
present.
TRADEMARK
|
Registration No. |
Registration Date |
Trademark Design |
|
5944910 |
2007-03-16 |
|
|
5354469 |
2006-05-17 |
|
Etc.
PATENT
|
Patent name |
Published Application Number |
Application number |
Date of publication |
|
A kind of ventilated and leakproof bottle
cap |
CN206537703U |
CN201621012521.X |
2017-10-03 |
|
A supply device and method for a container |
CN105628946B |
CN201511023867.X |
2017-09-01 |
Etc.
BANKING
The subject declined to release its banking details.
ABBREVIATED FINANCIAL STATEMENT
Consolidated
Balance Sheet
Unit: RMB’000
|
|
as of Dec. 31, 2016 |
as of Dec. 31, 2017 |
|
Cash & bank |
230,070 |
193,334 |
|
Inventory |
156,209 |
185,646 |
|
Accounts
receivable |
151,109 |
160,933 |
|
Advances to
suppliers |
12,630 |
13,919 |
|
Other
receivables |
35,346 |
26,905 |
|
Interest
receivable |
244 |
0 |
|
Non-current
assets due within one year |
42 |
0 |
|
Other current
assets |
157,393 |
160,222 |
|
|
------------------ |
------------------ |
|
Current assets |
743,043 |
740,959 |
|
Available-for-sale
financial assets |
67,117 |
66,863 |
|
Investment real estate |
0 |
24,498 |
|
Fixed assets net
value |
318,000 |
305,684 |
|
Projects under construction |
10,974 |
0 |
|
Intangible
assets |
300,966 |
278,534 |
|
Development expenses |
14,318 |
24,992 |
|
Goodwill |
397,195 |
397,195 |
|
Long-term prepaid expenses |
20 |
751 |
|
Deferred tax assets |
2,328 |
2,432 |
|
Other assets |
4,392 |
9,102 |
|
|
------------------ |
------------------ |
|
Total assets |
1,858,353 |
1,851,010 |
|
|
============= |
============= |
|
Short loans |
100,000 |
36,000 |
|
Notes payable |
10,174 |
17,029 |
|
Accounts payable |
52,092 |
64,085 |
|
Advances from
customers |
32,549 |
39,224 |
|
Accrued payroll |
30,932 |
34,870 |
|
Taxes payable |
23,396 |
15,557 |
|
Other accounts
payable |
5,531 |
7,680 |
|
Non-current liabilities due within one year |
69,500 |
50,000 |
|
Other current
liabilities |
2 |
104,559 |
|
|
----------------- |
----------------- |
|
Current
liabilities |
324,176 |
369,004 |
|
Non- current liabilities |
158,123 |
67,662 |
|
|
------------------ |
------------------ |
|
Total
liabilities |
482,299 |
436,666 |
|
Shareholders
equities |
1,376,054 |
1,414,344 |
|
|
------------------ |
------------------ |
|
Total
liabilities & equities |
1,858,353 |
1,851,010 |
|
|
============= |
============= |
Consolidated
Income Statement
Unit: RMB’000
|
|
as of Dec. 31, 2016 |
as of Dec. 31, 2017 |
|
Turnover |
758,694 |
867,690 |
|
Cost of goods
sold |
283,708 |
309,896 |
|
Sales expense |
138,416 |
151,004 |
|
Management expense |
170,020 |
176,887 |
|
Finance expense |
3,337 |
10,916 |
|
Profit before
tax |
181,111 |
242,756 |
|
Less: profit tax |
23,591 |
31,627 |
|
Net profit |
157,520 |
211,129 |
Important Ratios
=============
|
|
as of Dec. 31, 2016 |
as
of Dec. 31, 2017 |
|
*Current ratio |
2.29 |
2.01 |
|
*Quick ratio |
1.81 |
1.50 |
|
*Liabilities to assets |
0.26 |
0.24 |
|
*Net profit margin (%) |
20.76 |
24.33 |
|
*Return on total assets (%) |
8.48 |
11.41 |
|
*Inventory /Turnover ×365 |
76 days |
79 days |
|
*Accounts receivable/Turnover ×365 |
73 days |
68 days |
|
*Turnover/Total assets |
0.41 |
0.47 |
|
* Cost of goods sold/Turnover |
0.37 |
0.36 |
PROFITABILITY:
FAIRLY GOOD
l The turnover of the
subject is fairly good.
l The subject’s net
profit margin is fairly good.
l The subject’s
return on total assets is fairly good.
l
The subject’s cost of goods sold is low, comparing
with its turnover.
LIQUIDITY: FAIRLY
GOOD
l
The current ratio of the subject is maintained in a
fairly good level.
l
The subject’s quick ratio is maintained in a fairly
good level.
l
The inventory of the subject is average.
l
The accounts receivable of the subject is average.
l
The short-term loan of the subject is average.
l
The subject’s turnover is in a fair level,
comparing with the size of its total assets.
LEVERAGE: FAIRLY GOOD
l
The debt ratio of the subject is low.
l
The risk for the subject to go bankrupt is average.
TREND ANALYSIS
===========
|
|
2015 |
2016 |
2017 |
|
Sales Trend |
-- |
-- |
Ç |
|
Profit margin |
-- |
-- |
Ç |
|
Debt to assets ratio |
-- |
-- |
È |
|
Overall Financial Condition |
□Good ■Fairly Good □Stable □Fairly Stable □Fair □Poor |
||
COMMENT
The subject was registered as a Shares limited co. at local
Administration for Industry & Commerce (AIC - The official body of issuing
and renewing business license). The subject is
considered large-sized in its line with fairly good financial conditions.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 68.26 |
|
|
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
|
CNY |
1 |
INR 10.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.