MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
DOUBLE POLYETHYLENE MANUFACTURING COMPANY |
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Registered Office : |
Flat A, 5/F., Speedy |
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Country : |
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Date of Incorporation : |
01.05.1992 |
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Com. Reg. No.: |
15640837-000-05 |
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Legal Form : |
Partnership |
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Line of Business : |
Manufacturer and Exporter of All kinds of Plastic Materials
for Packaging |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
DOUBLE POLYETHYLENE MANUFACTURING COMPANY
ADDRESS
Flat A, 5/F., Speedy
PHONE: 2797 3154, 2797 3976
FAX: 2343 0191, 2341 9995
E-MAIL: admin@dppacking.com.hk
MANAGEMENT
Manager: Mr. Wong Kwan Tat
SUMMARY
Establishment: 1st May, 1992.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Plastic Packaging Material Manufacturer and Trader.
Employees: 18. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Head Office:-
Flat A, 5/F., Speedy
[Tel 86-769-8772 0314, 8772 0692
Fax: 86-769-8772 0324, 8772 3717
E-mail: admin@dppacking.com.hk]
Affiliated
Companies:-
Dongguan Tangxia
Baofa Papers Factory,
Double Packing
Manufacturer Ltd.,
Kin Yick Polyethylene
Printing Co. Ltd.,
Po Fat Offset
Printing Ltd.,
Po Fat Paper
Products Fty.,
BUSINESS REGISTRATION NUMBER
15640837-000-05
MANAGEMENT
Manager: Mr. Wong Kwan Tat
PARTNERS
Name: Ms. WONG Pui Man
Residential Address: Flat 8, 4/F., Block E, Amoy Garden, Ngau Tau Kok Road, Kowloon, Hong Kong.
Name: Mr. WONG Kwan Tat
Residential Address: Flat D, 20/F., Block 20, Phase 2, Laguna City, Kwun Tong, Kowloon, Hong Kong.
HISTORY
The subject was established on 1st May, 1992 as a partnership concern owned by Mr. Cheung Chi Kong and Ms. Wong Pui Man under the Hong Kong Business Registration Regulations. On 15th January, 1993, Cheung retired and on 27th February, 2004, a new partner Mr. Wong Kwan Tat joined in.
Initially the subject was located at Flat 6, 12/F., Block A, Hyde Towers, 21 Kung Lok Road, Kwun Tong, Kowloon, Hong Kong, moved to Flat 11, 13/F., Sing Win Factory Building, 15-17 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong in September 1995; and further to the present address in September 1996.
In January 2004, Mr. Cheung Chi Kong and Ms. Wong Pui Man have set up another firm located at the same address and under the same name as the subject. Bearing the business registration number 34192643, this firm was also a partnership concern established on 6th January, 2004 and jointly owned by the same owners. However, this firm formally has ceased business since 1st December, 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer and Exporter.
Lines: All kinds of plastic materials for packaging.
Employees: 18. (Including affiliates)
Materials/Commodities: Imports
raw materials from European countries, some Asian countries and finished
products from
Markets:
Terms/Sales: COD or as per contracted.
Terms/Buying:
L/C, T/T, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit & Loss: Making a small profit every year.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing: Small.
GENERAL
Double Polyethylene Manufacturing Company is a partnership jointly owned by Ms. Wong Pui Man and Mr. Wong Kwan Tat.
The subject is a plastic packaging material manufacturer and
trader. Its affiliated factory is in
The subject’s main affiliate is Po Fat Offset Printing Ltd.
[Po Fat], a Hong Kong-based firm.
Po Fat has been engaged in the printing business since 1996. Throughout these years, it has established
own production plants occupying an area of 50,000 sq.m. in Dongguan,
Po Fat’s production plants comprise of four buildings. The main building is the general management, operation and colour management system office. The other three buildings are used for offset printing, plastic bag printing and corrugated box printing. These individual production operations offer its clients with one stop packaging printing services.
Po Fat has invested extensive resources in improving its
printing technique and product quality.
It adopts German “
The other affiliated companies of the subject are the following firms:-
Po Fat Paper Products Fty.,
Double Packing Manufacturer Ltd.,
Kin Yick Polyethylene Printing Co. Ltd.,
On the whole, consider the subject good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. |
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1 |
Rs. |
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Euro |
1 |
Rs. |
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%)