MIRA INFORM REPORT

 

 

Report No. :

505732

Report Date :

30.04.2018

 

 

IDENTIFICATION DETAILS

 

Name :

MAJESTIC  INTERNATIONAL  TRADING  COMPANY

 

 

Registered Office :

2/F., 223Q Ting Kok Tsuen, DD17, Lot 1879, Shan Liu Road, Tai Po, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.03.2010

 

 

Com. Reg. No.:

51941439-000-03

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Leather merchant. Importer and Wholesaler of Raw dried and wet blue hides, crust leather, lining leather, finished leather for shoes, garments and other leather products

 

 

No. of Employees :

2

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Small Concern

 

 

Payment Behaviour :

No Complaints

 

 

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)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.

Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.

Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.

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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.

The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.

Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.

Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.

 

Source : CIA

 

Company name and address 

           

MAJESTIC  INTERNATIONAL  TRADING  COMPANY

 

 

ADDRESS:       2/F., 223Q Ting Kok Tsuen, DD17, Lot 1879, Shan Liu Road, Tai Po, New Territories, Hong Kong.

 

PHONE:            852-2637 8711

 

FAX:                 852-2649 3848

 

MANAGEMENT:

 

Manager:  Mr. Fung Man Bun

 

 

SUMMARY

 

Establishment:                          14th March, 2010.

 

Organization:                 Sole Proprietorship.

 

Capital:                         Not disclosed.

 

Business Category:        Leather merchant.

 

Employees:                   2.

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

 

 

ADDRESS

 

Head Office:-

2/F., 223Q Ting Kok Tsuen, DD17, Lot 1879, Shan Liu Road, Tai Po, New Territories, Hong Kong.

 

Associated Company:-

Majestic Leather Development Co. Ltd., Hong Kong.  [Dissolved]

 

 

BUSINESS REGISTRATION NUMBER

 

  51941439-000-03

 

 

MANAGEMENT

 

Manager:  Mr. Fung Man Bun

 

 

SOLE PROPRIETOR

 

Name:  Mr. FUNG Man Bun

Residential Address:      2/F., 223Q Ting Kok Tsuen, DD17, Lot 1879, Shan Liu Road, Tai Po, New Territories, Hong Kong.

 

 

HISTORY

 

The subject was established on 14th March, 2010 as a sole proprietorship concern owned by Mr. Fung Man Bun under the Hong Kong Business Registration Regulations.

Originally the subject was registered under the name of Wu & Fung International Leather Co., name changed to Majestic International Leather Co. on 24th May, 2010 and further to the present style on 24th April, 2012.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Leather merchant. Importer and Wholesaler.

 

Lines:                           Raw dried and wet blue hides, crust leather, lining leather, finished leather for shoes, garments  other leather products

 

Employees:                   2.

 

Commodities Imported:   Mainly imported from Spain, Brazil, India, Taiwan, Thailand, etc.

 

Markets:                       Hong Kong, China, other Asian countries, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, etc.

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit or Loss:                Made very small profits in past years.

 

Condition:                      Keeping in a normal manner.

 

Facilities:                      Adequate for current running.

 

Payment:                      No Complaints.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Majestic International Trading Company is a sole proprietorship set up and owned by Mr. Fung Man Bun who is a Hong Kong merchant.

The subject commenced business in March 2010.

The subject’s registered address is in a private building located at ‘2/F., 223Q Ting Kok Tsuen, DD17, Lot 1879, Shan Liu Road, Tai Po, New Territories, Hong Kong.’.  This is the residence of Fung Man Bun.  The residential building is not trespassed by outsiders.

The subject is a leather trader.

Formerly, Fung Man Bun was also the shareholder of Majestic Leather Development Co. Ltd. [MLD] which was a Hong Kong-registered company.  MLD was a leather trader.  However, it was dissolved by deregistration on 22nd December, 2006.  MLD was incorporated on 1st August, 1995.  This company was located at G/F., DD 196, Lot 865, Tai Shui Hang Village, Shatin, New Territories, Hong Kong.

The subject has had business ties with Tyche Leather Industrial Co. Ltd. which is a Taiwan-based company.  It has set up associated companies in Fujian Province and Wenzhou, Zhejiang Province of China.

Mr. Fung Man Bun, is a veteran in importing and marketing leather and hides.  He was one of the shareholders and directors of Tak Shun Leather Co. Ltd. which was incorporated on 12th November, 1982.  After having established MLD, Mr. Fung left Tak Shun in December 1995.  To our understanding, Tak Shun was ordered for winding up by the Court of Hong Kong on 14th April, 1999.

The subject imports raw leather materials from Europe, the United States, South America, the other Asian countries, etc.  Raw leather materials are processed in China.  Finished and processed leather materials are exported to the other Asian countries, etc.  It has associated companies in China.

The history of the subject in Hong Kong is over eight years and a month.  No derogatory data have been heard.

On the whole, consider it good for normal business engagements in small credit amounts.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.78

UK Pound

1

INR 92.89

Euro

1

INR 80.74

HKD

1

INR 8.48

                                                                  

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

VIV

 

 

Report Prepared by :

TRU

                                                


 

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)

 

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