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MIRA INFORM REPORT
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Report No. : |
488114 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
MAJESTY PACKAGING INTERNATIONAL LIMITED |
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Registered Office : |
Suite No. 1, 9/F., Tower 3, China
Hong Kong City, China Ferry Terminal, 33 Canton Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.06.2001 |
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Com. Reg. No.: |
31876082 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Dispensing Systems |
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No. of Employees : |
7 |
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 : |
No Complaints |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
A1 |
A1 |
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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 |
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.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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 47.3 million in 2014, outnumbering visitors from all other countries combined. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. 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 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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, 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, and will improve access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
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 Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company
name and address
MAJESTY PACKAGING
INTERNATIONAL LIMITED
ADDRESS: Suite No. 1, 9/F., Tower 3, China Hong
Kong City, China Ferry Terminal, 33 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2369 0428
FAX: 852-2369
0438
E-MAIL: gm@majestyvalve.com
MANAGEMENT:
Managing Director: Mr.
Liang Pei Hui
SUMMARY
Incorporated on: 20th June, 2001.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Suite No. 1, 9/F., Tower 3, China Hong Kong City, China Ferry
Terminal, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Majesty (Zhuhai) Industry Co. Ltd., China. (Dissolved)
Majesty Dispensing Systems (HK) Limited, Hong Kong. (Dissolved)
Majesty Dispensing Systems Co. Ltd., China.
Majesty Trading HK Limited, Hong Kong.
Majesty Valf Sanayi Ve Ti Ltd. Sti., Turkey.
Zhongshan Majesty Dispensing Systems (Group) Co. Ltd., China.
Zhongshan Majesty Packaging Systems Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
31876082
COMPANY
FILE NUMBER
MANAGEMENT
Managing Director: Mr.
Liang Pei Hui
Contact Person: Ms. Maggie
Cheng
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER
(As per registry dated 20-06-2017)
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Name |
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No. of shares |
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LIANG Pei Hui |
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1,000,000 ======= |
DIRECTOR
(As per registry dated 20-06-2017)
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Name (Nationality) |
Address |
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LIANG Pei Hui |
2 Road, Yan Jiang Dong, Zhong
Shan Gang Da Dao, Zhongshan City, Guangdong Province, 528437, China. |
SECRETARY
(As per registry dated 20-06-2017)
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Name |
Address |
Co. No. |
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SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
HISTORY
The subject was incorporated on 20th June, 2001 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Unit 2105, 21/F., Golden Era
Plaza, 39 Sai Yee Street, Mongkok, Kowloon, Hong Kong’, moved to the
present address in June 2014.
Apart from these, neither material change nor amendment has been
ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of dispensing systems, etc.
Employees: 7.
Commodities Imported: Imported
from China, other Asian countries, etc.
Markets: Japan,
other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: No Complaints.
Commercial Morality: Satisfactory.
Bankers:-
Citibank N.A., Hong Kong Branch.
Bangkok Bank Public Co. Ltd., Hong Kong Branch.
Fubon Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, Majesty Packaging International Limited is wholly owned by Mr. Liang Pei Hui who was a China merchant. Now, he is a Hong Kong ID holder has got the right to reside in Hong Kong.
The subject is trading in the following commodities:-
- Sprayer ‑ Plastic (Dispensing pump, OEM)
- Machinery ‑ Packaging (Machinery for aerosol packaging, OEM)
- Atomizer (Aerosol valves and accessories, OEM)
- Bottle Cap ‑ Plastic (Plastic closure, OEM)
The subject belongs to the Majesty Group of Companies [Group/Majesty].
Its main factory is Majesty Packaging Systems Limited [MPSL]. It is a high‑technology packaging manufacturer producing aerosol valves, dispensing pumps and mist sprayers. It has become one of the largest worldwide manufacturers in the industry with a total annual sales volume exceeding 3 billion units.
In November 2012, the Group opened a new 100,000 square meters production plant in Zhongshan City, Guangdong Province, China with a designed annual production capacity of 6 billion aerosol valves, 2 billion dispensing pumps and 1 billion spray caps, and this is the largest aerosol valve assembly plant in the world.
The plant has been equipped with 500 injection moulding machines, a 100,000 grade GMP production area and 50 automated valve assembly lines.
MPSL has also invested in high-tech equipment for its laboratory.
MPSL was set up in April 2001 while its new manufacturing facility was put into production in November 2012. Its registered capital was RMB20 million Yuan. The legal representative of the China Factory is also Mr. Liang Pei Hui.
In 2015, the Group’s Turkey factory known as Majesty Valf Sanayi Ve Ti Ltd., Sti. was put into operation.
Its products includes 1’ aerosol valve, 20 mm valve, spray pump, dispensing pump, meter valve, etc., in addition to various special valve accessories and actuators. Products are exported to worldwide countries. Business is active.
According to the Group, it has had the following customers: Procter & Gamble, HouDy, SC Johnson, Unilever, Reckitt Benckiser, etc.
Currently, it serves about 60% of the Chinese market and about 30% of the global market.
The subject has had agents in Italy, the United Kingdom, Japan, South Korea, Thailand, Mexico, more agents will be set up in the years ahead.
As the history of the subject is over 16 years and seven months in Hong Kong, on the whole, consider it good for normal business engagements.
MORTGAGE
OR CHARGE
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Date |
Particulars |
Amount |
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13-06-2008 |
Instrument: Charge
Over Deposit Property: The moneys standing to the
credit of the account No. 0750-246626-410 up to the sum of US$735,000 Mortgagee: Bangkok
Bank Public Co. Ltd., Hong Kong Branch. |
To secure the due performance
of all obligations |
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26-06-2008 |
Instrument: Deposit
Deed Property: By way of first fixed charge
and as a continuing security for the Obligations, the Company charges all the
Company’s rights, title to and interest in all the Company’s accounts Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys |
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23-09-2009 |
Instrument: Deposit
Deed Property: By way of first fixed charge
and as a continuing security for the Obligations, the Company charges and
assigns absolutely all its rights, title to and interest in the Accounts and all
Deposits from time to time in the Accounts Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys |
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24-09-2009 |
Instrument: Charge
Over Deposit Property: Deposit for US$67,000 as
evidenced by Confirmation of Deposit No. TDCC901554B00 Mortgagee: Bangkok
Bank Public Co. Ltd., Hong Kong Branch. |
To secure the due performance
of all obligations |
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07-10-2013 |
Instrument: Charge
Over Securities and Deposits with the Bank (Limited Company – Under Seal)
(Unlimited Amount) Property: In consideration of the Bank
agreeing to grant or continuing to grant the Banking Facilities, the Chargor,
as beneficial owner charges, pledges and assigns to the Bank all the right,
title and interest of the Chargor in and to the Securities, the Receivables
and the Deposits as a continuing security for the obligations of the Chargor
in respect of the Secured Moneys. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All monies in any currency
owing by the Chargor; (ii) Interest on such moneys; (iii) All expenses of the
Bank in making payment in respect of the Securities or the Deposits on behalf
of the Chargor; & (iv) All expenses of the Bank in perfecting or
enforcing the Charge |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.54 |
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HKD |
1 |
INR 8.13 |
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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DIV |
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Report Prepared
by : |
TRU |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.