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MIRA
INFORM REPORT
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Report No. : |
508719 |
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Report Date : |
21.05.2018 |
IDENTIFICATION DETAILS
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Name : |
YONGNONG
BIOSCIENCES CO., LTD. |
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Registered Office : |
No. 3, Weiqi East Road, Hangzhou Gulf Fine Chemical Zone, Shangyu,
Shaoxing City, Zhejiang Province, 312369 Pr |
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Country : |
China |
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Date of Incorporation : |
18.01.2005 |
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Credibility Code
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913306047707223338 |
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Legal Form : |
Limited Liabilities Company |
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Line of Business : |
Subject registered business scope includes permit business items:
manufacturing pesticide (operating with legit permit), non-national standards
and industry-standard pesticide production (see pesticide production approval
certificate); production and recovery of hazardous chemicals (details in
safety production license), production of by-product 98% ammonium sulfate,
94% ammonium chloride and 98.5% magnesium chloride; General business items:
development of biological products and related technology transfer; pesticide
research and development and transfer of relevant technologies; Sale of
chemical products, chemical raw materials (the above products excluding
hazardous chemicals and precursor products); import and export business. |
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No. of Employees : |
553 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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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.
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Source
: CIA |
Company name & address
YONGNONG BIOSCIENCES CO., LTD.
NO. 3, WEIQI EAST ROAD, HANGZHOU GULF FINE CHEMICAL ZONE,
SHANGYU, SHAOXING CITY, ZHEJIANG PROVINCE, 312369 PR CHINA
TEL: 86 (0) 575-82728875 FAX:
86 (0) 575-82728867
EXECUTIVE SUMMARY
Incorporation Date : Jan. 18, 2005
CREDIBILITY CODE : 913306047707223338
Registered Legal Form : LIMITED
LIABILITIES COMPANY
Chief Executive : Mr. Huang Jingshao (LEGAL
REPRESENTATIVE)
Staff Strength : 553
Registered Capital : CNY 108,000,000
Business Line :
Manufacturing & Selling
Turnover : N/A
Equities : N/A
Payment : unknown
Market Condition :
Competitive
Financial Condition : N/A
Operational Trend : Steady
GENERAL REPUTATION : AVERAGE
Adopted
abbreviations:
ANS - amount not stated NS
- not stated SC - subject company (the
company inquired by you)
NA - not available CNY - China Yuan Ren Min Bi
SC was registered as a Limited liabilities co. at local Administration
for Industry & Commerce (AIC - The official body of issuing and renewing
business license) on Jan. 18, 2005.
Company Status: Limited liabilities co. This form of business in PR
China is defined as a legal person. No more than fifty shareholders contribute
its registered capital jointly. Shareholders bear limited liability to the
extent of shareholding, and the co. is liable for its debts only to extent
of its total assets. The characteristics of this form of co. are as
follows: Upon
the establishment of the co., an investment certificate is issued to the
each of shareholders. The board of directors is
comprised of three to thirteen members. The minimum registered capital
for a co. is CNY 30,000. Shareholders may take their
capital contributions in cash or by means of tangible assets or intangible
assets such as industrial property and non-patented technology. Cash contributed by all
shareholders must account for at least 30% of the registered capital. Existing shareholders have
pre-exemption right to purchase shares of the co. offered for sale by the
other shareholders and to subscribe for the newly increased registered
capital of the co.
SC’s registered business scope includes permit business items:
manufacturing pesticide (operating with legit permit), non-national standards
and industry-standard pesticide production (see pesticide production approval
certificate); production and recovery of hazardous chemicals (details in safety
production license), production of by-product 98% ammonium sulfate, 94%
ammonium chloride and 98.5% magnesium chloride; General business items: development
of biological products and related technology transfer; pesticide research and
development and transfer of relevant technologies; Sale of chemical products,
chemical raw materials (the above products excluding hazardous chemicals and
precursor products); import and export business.
SC is mainly engaged in manufacturing and selling pesticide and chemical
products.
Mr. Huang Jingshao has been the legal representative and general manager
of SC since May of 2013.
SC is known to have approx. 553 employees at present.
SC is currently operating at the above stated address, and this address
houses its operating office and factory in the fine chemical zone of Shaoxing.
SC’s management declined to release detailed information of the premise.
http://www.yongnongbiosciences.com/
The design is professional and the content is well organized. At present it is
in Chinese and English versions.
E-Mail: info@yongnongchem.com
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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2007-5-31 |
Registered capital |
CNY 35,000,000 |
CNY 88,000,000 |
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Shareholders and shareholding |
Wu Kesi
20.28% Wu Kemeng
22.86% Wu Kemeng
56.86% |
Wu Kesi 8.07% Wu Kemeng 9.09% Wu Kemeng 82.84% |
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2007-7-31 |
Registration no. |
3306822110809 |
Present one |
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2007-12-25 |
Registered capital |
CNY 88,000,000 |
Present amount |
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Shareholders and shareholding |
Wu Kesi
8.07% Wu Kemeng 9.09% Wu Kemeng 82.84% |
Wu Kesi 6.57% Wu Kemeng 7.41% Wu Kemeng 86.02% |
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2009-4-9 |
Wu Kesi 6.57% Wu Kemeng 7.41% Wu Kemeng 86.02% |
Present ones |
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2009-8-6 |
Company name |
Shangyu Yongnong Chem. Ind. Co., Ltd. |
Present one |
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2013-5-9 |
Legal
rep. |
Wu Kemeng |
Present one |
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2016-05-05 |
Registration no. |
330682000003354 |
(Credibility code) 913306047707223338 |
Certificates:
Etc.
Import/ Export License: 3300770722333
See below records for SC as executive party (defendant).
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Executed Party |
SC |
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Court |
Shangyu City People's Court |
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Date of Case |
Aug. 28, 2013 |
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Case Number |
(2013) 02439 |
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Claim Amount |
RMB 21,893.97 |
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Case Status |
Unknown |
Remark: Due to the lack of information, we are unable to provide the cause of
action, judgment or other information.
MAIN SHAREHOLDERS:
Name Investment Amount % of Shareholding
Huang Jingshao CNY 2,900,000 2.69
Wang Zhongjie CNY
2,900,000 2.69
Zhang Xiaoyu CNY
7,100,000 6.57
Wu Kemeng CNY
95,100,000 88.05
Legal
Representative and General Manager:
Mr. Huang Jingshao is currently
responsible for the daily management of SC.
Working Experience(s):
From May of 2013 to present Working
in SC as legal representative and general manager.
Executive
director:
Wu Kemeng is currently responsible for the overall management of SC.
Working Experience(s):
Before May of 2013 Worked in
SC as legal representative and general manager.
At present Working
in SC as executive director.
Also working in Zhejiang Funong Biotech Co., Ltd. as legal
representative.
Supervisor:
Wang Zhongjie
SC is mainly engaged in manufacturing and selling pesticide and chemical
products.
SC’s products mainly include: Paraquat dichloride, Diquat dibromide,
Glufosinate-ammonium, Desmedipharm, Clopyralid, Picloram and etc.
SC sources its materials 99% from domestic market and 1% from overseas
market. SC sells 60% of its products in domestic market, and 40% to overseas
market.
The buying terms of SC include Check, T/T, L/C and Credit of 30-60 days.
The payment terms of SC include Check, T/T, L/C and Credit of 30-60 days.
Trademark & Patents
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Registration No. |
23785368 |
23785395 |
19648096 |
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Registration Date |
2018-04-14 |
2018-04-14 |
2017-06-07 |
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Trademark Design |
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Etc.
Note: SC’s
management refused to release its main suppliers and clients.
Industry code:
2600
Industry name:
Chemical Raw Materials and Chemical Products Manufacturing
The gross domestic product of China in 2016 which is 74,412.72 billion
that is increased 6.7% than previous year.
In the first half of 2016, the added value of the chemical industry
increased by 9.2%year on year, and the growth rate dropped 0.2 percentage
points year on year.Among the main products, the output of ethylene is 9.2
million tons, increased by 8.8%;the output of plastics in primary form is 39.76
million tons, increased by 7.7%;the output of Synthetic rubber is 2.57 million
tons, increased by 4.1%;the output of Synthetic fiber is 22.56 million tons,
increased by 8.4%.the output of Caustic soda is 16.19
million tons, increased by 6.4%;the output of Soda ash is 12.68 million tons,
increased by 0.9%.The output of chemical fertilizers is 37.19 million tons,
increased by 1.4%.
Among them, the output of nitrogen fertilizer and potash fertilizer
increased by 3.1%and 6.7% respectively, and the output of phosphate fertilizer
decreased by 2%.The output of Pesticide is 1.88 million tons, increased by
4.3%.The output of Rubber
tire cover tire is 457.23 million, increased by 9.1%.The output of Calcium carbide is of 12.58 million tons, increased by
2.4%
The output of all types of chemical products
in the first half of 2016
(Unit: million tons)
According to SC’s website:
Zhejiang Funong Biotech Co., Ltd.
===============================
Credibility Code: 913303031452624588
Legal Rep.: Wu Kemeng
Incorporation Date:
Tel: +86-577-88957117
Fax: +86-577-86875158
It changed its name from Zhejiang Yongnong Chem. Ind. Co., Ltd. to present one on July 9, 2015.
Shanghai Yongnong International Trading Co., Ltd.
=====================================
Credibility Code: 91310115750564067N
Incorporation Date:
Legal Rep.: Huang Jingshao
Tel: +86-21-68406766
Fax: +86-21-68406788
Shandong Yongnong Crop Science Co., Ltd. (literal translation)
==========================
Credibility Code: 91370683679223349G
Incorporation Date: 2008-08-21
Legal Rep.: Ye Wei
Tel.: 0535-2887555
Fax: 0535-2887222
SC is known to have the following branch:
Yongnong Biosciences Co., Ltd. Taiwan Branch
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 records 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.
Bank of China Shangyu Hangzhou Bay Branch
AC# 372758356306
Relationship: Normal
SC’s management declined to release its financial details.
SC is considered medium-sized in its line with a development history of
13 years.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.95 |
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|
1 |
INR 91.87 |
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Euro |
1 |
INR 80.27 |
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CNY |
1 |
INR 10.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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.