MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HANG LUNG PLASTIC MANUFACTORY LTD. |
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Registered Office : |
Block B, 2/F., Chi Wah
Industrial Building, 1-7 Kin Hong Street, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.1981 |
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Com. Reg. No.: |
7309439 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of All kinds of Shopping Bags, Plastic Packaging Materials, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of
the company
HANG LUNG PLASTIC MANUFACTORY LTD.
ADDRESS
Block B, 2/F., Chi Wah Industrial Building, 1-7 Kin Hong Street,
Kwai Chung, New Territories, Hong Kong.
PHONE: 2424
1921
FAX: 2489
2885
E-MAIL: sales@hanglungplastic.com
MANAGEMENT
Managing Director:
Mr. Leung Ting Che
SUMMARY
Incorporated on: 9th June, 1981.
Organization: Private Limited Company.
Capital: Nominal: HK$1,600,000.00
Issued: HK$1,600,000.00
Business Category: Manufacturer,
Importer and Exporter.
Annual Turnover: HK$45-50 million.
Employees: 10. (Hong Kong)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Block B, 2/F., Chi Wah Industrial
Building, 1-7 Kin Hong Street, Kwai Chung, New Territories, Hong Kong.
China Factory:-
Hang Lung Plastic (Shenzhen)
Manufactory Ltd.
163 Dongshen Highway, E’Gongling
Village, Pinghu Town, Longgang, Shenzhen Special Economic Zone, China.
BUSINESS
REGISTRATION NUMBER
7309439
COMPANY
FILE NUMBER
98897
MANAGEMENT
Managing Director:
Mr. Leung Ting Che
CAPITAL
Nominal Share Capital: HK$1,600,000.00 (Divided into 1,600
shares of HK$1,000.00 each)
Issued Share Capital: HK$1,600,000.00
SHAREHOLDERS
(As per registry
dated 09-06-2008)
|
Name |
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No. of shares |
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LEUNG Ting Che |
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1,400 |
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LEUNG WONG Kit Ling |
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40 |
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LEUNG Po Ki |
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80 |
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LEUNG
Man Kit, Albo |
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80 |
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––––– |
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Total: |
1,600 ==== |
DIRECTORS
(As per registry
dated 09-06-2008)
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Name (Nationality) |
Address |
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LEUNG Po Ki |
83
Ma Ling Path, Shatin Knoll House, 10 Kau To Shan Road, Shatin,
New Territories, Hong Kong. |
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LEUNG Man Kit, Albo |
83 Ma
Ling Path, Shatin Knoll House, 10 Kau To Shan Road, Shatin,
New Territories, Hong Kong. |
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LEUNG Ting Che |
83
Ma Ling Path, Shatin Knoll House, 10 Kau To Shan Road, Shatin,
New Territories, Hong Kong. |
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LEUNG WONG Kit Ling |
83 Ma
Ling Path, Shatin Knoll House, 10 Kau To Shan Road, Shatin,
New Territories, Hong Kong. |
SECRETARY
LEUNG Po Ki (As per
registry dated 09-06-2008)
HISTORY
The subject was incorporated on 9th June, 1981 as a private
limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has
been ever traced and noted.
OPERATIONS
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of shopping bags, plastic packaging materials, etc.
Employees: 10. (Hong Kong)
600. (China)
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished products from China.
Markets: Hong
Kong, China, Japan, North America, Europe, etc.
Annual Turnover: HK$45-50
million.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Nominal Share
Capital: HK$1,600,000.00 (Divided into
1,600 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,600,000.00
Mortgage or Charge: (See
attachment)
Profit & Loss:
Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Chiyu Banking
Corporation Ltd., Hong Kong.
Hang Seng Bank Ltd.,
Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Having
issued 1,600 ordinary shares of HK$1,000.00 each, Hang Lung Plastic Manufactory
Ltd. is chiefly owned by Mr. Leung Ting Che who is holding 87.5% stake of the subject. The other stake is jointly by Leung’s wife,
son and daughter.
The subject has been dedicated in developing, manufacturing
all kinds of plastic packaging products.
According to the subject, its predecessor was set up in
1970 in Hong Kong. With the increase of
demand for its products, in 1985, the subject invested a wholly owned
enterprise known as Hang Lung Plastic (Shenzhen) Manufactory Ltd. in Shenzhen,
China. The China factory, having a
usable floor of 40,000 sq.m., is equipped with advanced machinery and equipment
from all over the world. The factory
has had over 24 sets of rotoflexo and rotogravure printing machines which can
print up to 16 different colours and the size can be up to 1300 mm in width. Also, there are 80 different sizes of plastic
film extrusion machines which is able to produce different sizes and shapes of
bags which range from 25 mm x 15 micro to 2500 mm wide x 250 micro; with 70
different sizes of auto-electric sealing and cutting machines.
There
are about 600 workers in the China factory.
Today,
the subject’s annual output reaches over 25,000 tones of products per year.
Currently,
the subject is manufacturing the following commodities and offering clients
with the following services:-
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Product/Service |
Product/Service Remarks |
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Handbags, Travel Goods and Umbrellas |
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Shopping Bags |
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Bag – Shopping, PE, PP and PO |
PE, LDPE, PPU and polypropylene include
string and anti-static bag, OEM |
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Household Products (Non-Electrical) |
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Household Cleaning Tool |
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Dustbin Liner |
PE, LDPE, PPU and polypropylene, OEM |
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Packaging Materials |
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Packaging Materials – Plastic |
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Bag – PE and PP |
PE, LDPE, PPU and polypropylene include
string and anti-static bag, OEM, Anti-dumping tax exemption for PE bag in USA |
The annual sales turnover of the subject ranges from HK$45
to 50 million. Making a small profit
every year.
On the whole, consider the subject good for normal business
engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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21-05-2001 |
Instrument: Deed
of Indemnity, Charge Over Deposit and Set-Off Property: Fixed
Depsoit Receipt No. 039-733-5-159847-8 for HK$1,007,445.40 dated 07-05-2001 Mortgagee: Chiyu
Banking Corporation Ltd., Hong Kong. |
To secure all monies |
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28-02-2002 |
Instrument: Deed
of Indemnity, Charge Over Deposit and Set-Off Property: Fixed
Depsoit Receipt No. 039-733-5-158141-8 for AUD518,454.88 dated 15-02-2002 Mortgagee: Chiyu
Banking Corporation Ltd., Hong Kong. |
To secure all monies |
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27-05-2002 |
Instrument: Deed
of Indemnity, Charge Over Deposit and Set-Off Property: Fixed
Depsoit Receipt No. 039-733-5-169992-0 for €302,740.81 dated 08-05-2002 Mortgagee: Chiyu
Banking Corporation Ltd., Hong Kong. |
To secure all monies |
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19-10-2006 |
Instrument: Running
Deed of Charge Property: All
monies and deposits now or hereafter in the time deposit account No.
374-166189 kept by the Company with Hang Seng Bank Ltd. Mortgagee: Hang
Seng Bank Ltd., Hong Kong. |
To secure all monies and
liabilities which are now or at any time hereafter may be outstanding owing
or payable by the Company to Hang Seng Bank Ltd. |
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22-01-2007 |
Instrument: Charge
on Cash Deposit to secure Liabilities of the Depositor Property: 1) By
way of first fixed charge and agreement to charge: the Deposit and all right,
title and interest of the Company 2) By way of
set-off: any sum standing to the credit of any one or more of the accounts of
the Company with the Bank Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and
liabilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)