MIRA INFORM REPORT

 

 

Report No. :

307041

Report Date :

13.02.2015

 

IDENTIFICATION DETAILS

 

Name :

PAXAR (CHINA) LIMITED

 

 

Registered Office :

Level 54, Hopewell Centre, 183 Queen’s Rd. East

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

07.07.1978

 

 

Com. Reg. No.:

61829

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Subject is engaged in trading of labelers.

 

 

No. of Employee :

Not Available

 

NOTE:

 

It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONG KONG - ECONOMIC OVERVIEW

 

Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's total trade by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

Source : CIA

 

 

 

Contact Points

 

Company Name (in English):

PAXAR (CHINA) LIMITED

Supplied Name:

Paxar China Limited

Trading Address:

32/F Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon. Hong Kong

Supplied Address:

32/F Skyline Tower 39 Wang Kwong Rd Kowloon

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

PAXAR (CHINA) LIMITED

Registered Address:

Level 54, Hopewell Centre, 183 Queen’s Rd. East, Hong Kong

Telephone Number:

+852-3146-8100/ 2400-4000

Fax Number:

+852-2705-1225

Date of Registration:

1978-7-7

Registered Number:

61829

Business Registration No.:

5666077

Paid-up Capital:

HKD 1,000,100 (USD 129,012.90) = 1,000,100 Shares@ HKD 1

(As of 2015.2, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

SITC Code:

74527--Machinery For Filling, Sealing, Labelling Bottles, Bags, Cans Etc; Other Packing/Wrapping Machinery; Drink Aeration Machinery (No.)

Principal Activities:

Trading of labelers

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-7-7

Notes: Subject declined to disclose the number of staff, and from other source we cannot obtain the information, either.

 

 

History

 

Subject was incorporated on 1978-7-7 with the registered number 61829 as Private Limited Liability Company in Hong Kong.

 

Change of Name:

Effective Date

Name

2004-12-8

Paxar (China) Limited

 

1996-8-22

Ferguson Asia Limited

 

1991-10-15

Ferguson Asia Limited

1991-4-23

Edmond Labels And Packaging Limited

 

1978-7-7

Edmond Labels Limited

 

 

 

Corporate Structure

 

Related Company

Name:

Avery Dennison Hong Kong B.V.

Address:

32/F Skyline Tower, 39 Wang Kwong Road Kowloon Bay, Kowloon

Tel:

+852-2400-4000

 

Other Office

Address:

15/F OCTA Tower , 8 Lam Chak, Kowloon, Hong Kong

Tel:

+852-3146-8100

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Paxar Far East Limited

1,000,099

99.9999%

Avery Corp.

1

0.0001%

Total

1,000,100

100%

 

Major Shareholder Information:

1

Name:

Paxar Far East Limited

Address:

Level 54, Hopewell Centre, 183 Queen’s Rd. East, Hong Kong

Date of Registration:

1989-7-28

Registered Number:

259735

Business Registration No.:

13305984

2

Name:

Avery Corp.

Address:

105, Corporate Park Drive White Plains, New York 10604 USA

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Yu Margaret Wen-Kuei

Address:

85A, 15F, Tak Fung Building, 85-91 Lai Chi Kok Rd., Kowloon, Hong Kong

Position:

Director

ID Number:

H325744(6)

2

Name:

Yang Jinsong

Address:

House 36, Kap Pin Long Village, Sai Kung New Territories, Hong Kong

Position:

Director

ID Number:

R547517(0)

3

Name:

Tricor Strath Limited

Address:

Level 54, Hopewell Centre, 183 Queen’s Rd. East, Hong Kong

Position:

Corporate Secretary

Registered Number:

4873

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

32/F Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon. Hong Kong

 

Premises Information

 

Office address:

Address:

Office On 32nd Floor Skyline Tower No.39 Wang Kwong Road Kowloon

Owners:

Rich Century Investment Limited

Memorial Number:

UB3541123

Date of Instrument:

1987-10-27

Date of Registration:

1987-11-11

Consideration Value:

HKD 236,130,000.00

 

History of Premises Owners’

 

1

Memorial No.:

UB9214669

Date of Instrument:

2004-5-10

Date of Registration:

2004-5-13

Nature:

Certificate Of Compliance

2

Memorial No.:

UB9073167

Date of Instrument:

2003-11-26

Date of Registration:

2003-12-9

Nature:

Occupation Permit (Permit No. KN 32/2003(OP))

3

Memorial No.:

UB8896842

Date of Instrument:

2003-3-20

Date of Registration:

2003-3-24

Nature:

Deed Poll With Plan Re S.A & R.P.

 

Production Information

 

l         Subject is engaged in trading of labelers, etc. without any production activities.

 

Purchase Information

 

l         It is introduced that subject’s products are both purchased at home and abroad.

 

Sales Information

 

l         Subject is engaged in sale of labelers, etc.

l         The major products of the subject are handheld labelers, handheld printers, tabletop barcode printers, RFID printers, etc.

l         The main sales regions of the subject include domestic market, Japan, Korea, other Asian countries, etc.

l         It is introduced that subject also provides consultancy service, etc.

l         One of the subject’s major customers is Supertex S.A.

 

Settlements

 

Purchase

 

1.       Domestic Purchase

Products

Labelers, etc.

Payment Terms

T/T, Cash, etc.

 

2.       Import

Products

Labelers, etc.

Payment Terms

L/C, T/T, etc.

 

Sales

 

1.       Domestic Markets

Product

Labelers, etc.

Selling Terms

T/T, Cash, etc.

 

2.       Export

Product

Labelers, etc.

Selling Terms

L/C, T/T, etc.

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Civil Litigation

 

1

Date:

2009-02-13

Court Name:

District Court Personal Injury Case

Court No.:

301

Claimant:

Tong Wai Kit
c/o
K.Y. Woo & Co
c/o
K.Y. Woo & Co
(a firm)
(DCPI)

Defendant:

Paxar (China) Ltd
c/o
Level 28, 
Three Pacific Place,
1 Queen's Road East,
HK

Reason:

Damage

2

Date:

2008-01-30

Court Name:

Small Claim Tribunal

Court No.:

068386/07

Claimant:

Paxar (China) Ltd.
(SCTC068386/07)

Defendant:

Ting Keung Transportation Co. Ltd.

Reason:

Motor Claims

3

Date:

2007-09-15

Court Name:

Small Claim Tribunal

Court No.:

035508/07

Claimant:

Paxar (China) Ltd.
(SCTC035508/07)

Defendant:

Chong Hing Fat
Tong Wai Kin

Reason:

Motor Claims

4

Date:

2007-08-14

Court Name:

Small Claim Tribunal

Court No.:

035508/07

Claimant:

Paxar (China) Ltd.
(SCTC035508/07)

Defendant:

Chong Hing Fat
Tong Wai Kin

Reason:

Motor Claims

5

Date:

2007-06-07

Court Name:

District Court Personal Injury Case

Court No.:

1152

Claimant:

Paxar (China) Ltd (P1)

Defendant:

Ng Ping Shing

Reason:

Damage

6

Date:

2006-09-13

Court Name:

High Court Commercial Action

Court No.:

3418

Claimant:

PAXAR FAR EAST - EUROPE DIVISION 
O/B 
PAXAR (CHINA) LIMITED 
(LBTC) 
(Parties)

Defendant:

(LO TAK BUN BEN) 
(LBTC) 
(Parties)

Reason:

Not Stated

7

Date:

2006-07-31

Court Name:

High Court Commercial Action

Court No.:

3418

Claimant:

PAXAR FAR EAST - EUROPE DIVISION
O/B
PAXAR (CHINA) LIMITED
(LBTC)
(Parties)

Defendant:

(LO TAK BUN BEN)
(LBTC)
(Parties)

Reason:

Not Stated

 

Mortgage Record

 

No mortgage record of the subject was found.

 

 

Special Note

 

Interview Details

Interview Date:

2015-2-12

Name

Ms. Jenny

Department:

Sales Department

 

 

Industry Information

 

74527--Machinery For Filling, Sealing, Labelling Bottles, Bags, Cans Etc; Other Packing/Wrapping Machinery; Drink Aeration Machinery (No.)

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

Thailand

5

2,579

11

10,566

Korea

5

81

111

4,755

Japan

1,352

7,403

16,363

26,768

Italy

25

28,780

188

57,036

India

4

3,185

6

4,643

USA

150

4,948

488

8,018

Taiwan

196

8,597

17,698

30,053

The Mainland of China

10,951

19,613

235,254

43,790

Exports

Canada

--

--

2

460

Malaysia

--

--

1

186

Poland

--

--

2

155

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

We visited the following address, and the relevant staff confirmed the subject is located at it, but there is no subject’s name on the wall.

 

Address: 32/F Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

 

Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

 

32/F Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

 

32/F Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 62.43

UK Pound

1

Rs. 95.01

Euro

1

Rs. 70.63

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.