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Report Date : |
31.03.2012 |
IDENTIFICATION DETAILS
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Name : |
PROTECTIVE INDUSTRIAL PRODUCTS MANUFACTORY LTD. |
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Registered Office : |
Flats 8-11, 6/F., |
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Country : |
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Date of Incorporation : |
14.04.1978 |
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Com. Reg. No.: |
05570030 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of protective gloves, labour gloves and other industrial safety products such as aprons, rainwear, PE and PVC shoes covers, gloves, cotton gloves, leather gloves, nylon gloves, PVC gloves, goggles, masks, respirators, garden gloves, light reflecting clothes, etc. |
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No. of Employees : |
20 |
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 : |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
PROTECTIVE INDUSTRIAL
PRODUCTS MANUFACTORY LTD.
ADDRESS: Flats 8-11, 6/F.,
PHONE: 2475 9228, 2477 8472
FAX: 2478 9868, 2475 8849
E-MAIL: ptao@piphkg.com.hk
grace@piphkg.com.hk
Managing Director: Mr. Tao Ket Chan, Wellson
Incorporated on: 14th
April, 1978.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Protective Glove Trader and Manufacturer.
Employees:
20.
Main Dealing Banker: Bank of
Banking Relation: Good.
Registered Head Office:-
Flats 8-11, 6/F., Kar Wah
Industrial Building, 8 Leung Yip Street, Yuen Long, New Territories,
Hong Kong.
Associated/Affiliated Companies:-
Emery Enterprises Ltd.,
Johnson Development Ltd.,
McHenry Manufacturing Inc.,
PIP
PIP Europe
PIP
PIP Mexico-Productos Industriales
de Proteccion S.A.
PPE Global Sourcing (
Protective Industrial Products (
Protective Industrial Products (Latin America)
Protective Industrial Products Inc.,
Protective Industrial Products Worldwide Ltd., Hong Kong.
Well Gain Fine Chemicals Co. Ltd.,
Wellson Enterprises Ltd.,
05570030
0059512
Managing Director: Mr. Tao Ket Chan, Wellson
Director & Sales Contact: Ms.
Tao Jun Ping, Grace
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 14-04-2011)
|
Name |
|
No. of shares |
|
TAO Ket Chan, Wellson |
|
2,500 |
|
TAO TANG Yuen Yee |
|
2,500 |
|
TAO Jun Yan, Amy |
|
1,250 |
|
TAO Jun Ping, Grace |
|
1,250 |
|
TAO Jun Hau, Junior |
|
1,250 |
|
TAO Jun Hwa, Paul |
|
1,250 |
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|
|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 14-04-2011)
|
Name (Nationality) |
Address |
|
TAO Jun Ping, Grace |
House 7, |
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TAO Jun Hau, Junior |
House 7, |
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TAO Jun Hwa, Paul |
House 7, |
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TAO Ket Chan, Wellson |
House 7, |
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TAO Jun Yan, Amy |
House 7, |
(As per registry dated 14-04-2011)
|
Name |
Address |
|
|
Busiaid Management Services Ltd. |
Room 401-402, 4/F., |
0033062 |
The subject was incorporated on 14th April, 1978 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.
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of protective gloves, labour gloves and other
industrial safety products such as aprons, rainwear, PE and PVC shoes covers,
gloves, cotton gloves, leather gloves, nylon gloves, PVC gloves, goggles,
masks, respirators, garden gloves, light reflecting clothes, etc.
Employees: 20.
Raw Materials: Inported from European
countries and finished products from
Markets:
Terms/Sales:
L/C, T/T and D/P.
Terms/Buying: L/C,
D/P and T/T.
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge (since 1992): (See attachment)
Profit or Loss: Making a small profit.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of
Citibank, N.A.,
Standing: Good.
Protective Industrial Products Manufactory Ltd. [PIPM] was incorporated
in April 1978 as a private limited company wholly-owned by the members of the
Tao family. Set up by a couple Mr. Wellson Tao Ket Chan and Mrs. Tao
Tang Yuen Yee with an issued share capital of HK$1,000,000.00, PIPM is now
under the management of their children which include two sons and two
daughters.
PIPM is a gloves trader. It
handles all kinds of protective gloves and labour
gloves. Products are principally
manufactured by its affiliated manufacturers in
Before 1994, PIPM had got quotas in garments allocated by the Hong Kong
Government in exporting its products to the
PIPM has been one of the significant glove traders in
The subject’s associated company in the
PIP is jointly owned by Joe Milot, PIP’s president, and Wellson Tao,
his partner. Since 1984, PIP has
operated as a supplier of work gloves to distribution throughout the
PIP is the exclusive supplier of “Marigold®” industrial gloves in the
PIP is owned equally by its two shareholders, Mr. Joseph Milot and Mr. Wellson
Tao. Mr. Milot
is President of PIP and Mr. Tao is Managing Director and the largest
shareholder of PIPM. Mr. Milot and Mr. Tao formed PIP in 1984. Over the years, PIP has grown from a
specialist in inspection gloves to a provider of a full line of work gloves.
Now, PIP and PIPM are marketing the following gloves:-
New Styles
·
Tomorrow’s Hand Protection Today
Unsupported Liquid
Proof Gloves
·
General Purpose Unsupported Latex by “Marigold®”
·
Heavy Weight Unsupported Latex by “Marigold®”
·
Unsupported Chemical Resistant Gloves by “Marigold®”
·
Unsupported Chemical Resistant Gloves by “TOWA®”
Coated Gloves
·
“Nitrotough™”
Series Premium Nitrile Dipped
·
“ArmorCoat™”
Series Nitrile Coated
·
“ActivGrip™”
Coated Gloves by “TOWA®”
·
PVC Coated Gloves on Seamless Liner by “TOWA®”
·
“ProCoat™”
PVC Coated Gloves
·
General Purpose Coated Gloves
·
“Excalibur™” Cut and Sewn Nitrile
·
Latex Rubber and Neoprene Coated Gloves
Disposable Gloves
·
“Ambidex™”
Disposable Vinyl Gloves
·
“Ambidex™”
Disposable Nitrile, Latex and Synthetic Gloves
Cut Resistant
Gloves
·
Cut Resistant Gloves and Sleeves
String Knit Gloves
·
Coated String Knit Gloves
·
Specialty Coated String Knit Gloves
·
String Knit Gloves
Leather Gloves
·
Cowhide Drivers Gloves
·
Pigskin and Goatskin Gloves
·
Insulated Cowhide and Pigskin Drivers
·
Insulated Work Gloves
·
Leather Palms
·
Welders and Foundry Gloves
Ergonomic Gloves
·
Maximum “Safety™” Mechanics’ and
Anti-Vibration Gloves
Cotton Gloves
·
Cotton Canvas Gloves
·
Cotton
Critical
Environment Gloves
·
“CleanTeam™”
Cotton Inspection Gloves
·
“CleanTeam™”
Low Lint Inspection Gloves
·
“CleanTeam™”
Parts Handler Gloves
·
“CleanTeam™”
Critical Environment Gloves
Parade Gloves
·
“Cabaret™” Parade Gloves
Besides gloves, PIPM also trades in the following products:-
·
Protective clothing (Hi-Visi
Clothing)
·
Apron (Industrial) (leather included)
·
Industrial rainwear
·
Shoe cover ‑ PE and PVC
·
Work gloves, gloves ‑ Industrial, Cotton
·
Gloves ‑ Industrial, Leather
·
Gloves ‑ Industrial , Nylon
·
Gloves ‑ Industrial, PVC
·
Goggles ‑ Industrial
·
Mask and Respirator ‑ Industrial
·
Gloves ‑ Garden, Transport Equipment
·
Others (Floor jack, chain block)
·
Garage Equipment (Car jack)
·
Industrial Chemicals (Fine chemicals)
·
Dyeing, tanning and colouring
materials (Pearlescent pigments from the
Now, PIPM has set up an associated company PPE Global Sourcing (
The business of PIPM is maintained in an active and satisfactory
condition. History in
The annual sales turnover of PIPM is very significant.
On the whole, consider it good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
05-02-1993 |
S35529 |
Housing Management Agency Ltd. |
Protective Industrial Products Manufactory Ltd. |
Management Fee |
Not stated |
|
07-07-1993 |
S35531 |
Housing Management Agency Ltd. |
Protective Industrial Products Manufactory Ltd. |
Management Fee |
Not stated |
Property information of
the company:-
1. Property Location: Unit 6 & 7 on 4/F., Unit 1-11 on
6/F. and Car Parking Space No. P7 & P8 on G/F., Kar
Wah Industrial Building, 8 Leung Yip Street, Yuen
Long, New Territories, Hong Kong.
Owner: Protective Industrial
Products Manufactory Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
16-09-1994 |
- |
The Kwangtung Provincial Bank,
Hong Kong Branch. [Merged into
Bank of |
Collateral and further charge (jointly with Tao Tang Yuen Yee and Tao
Jun Hau, Junior) |
2. Property
Location: Unit 17, 18 & 19 on
6/F., Kar Wah Industrial
Building,
8 Leung Yip Street, Yuen Long, New Territories, Hong Kong.
Owner: Protective Industrial Products
Manufactory Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-06-2010 |
- |
Bank of |
Mortgage to secure general banking facilities |
3. Property
Location: House 7 including
Garage on Lower G/F., Turfing Garden, Terrace on G/F.
& Roof immediately thereover 1/F., Ping Shan
Gardens, Yuen Long, New Territories, Hong Kong.
Owner: Protective Industrial
Products Manufactory Ltd.
Date of Purchase: 05-05-1989
Purchased Price: HK$2,000,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
05-05-1989 |
- |
Overseas Trust Bank Ltd., |
Mortgage to secure general banking facilities |
(Since 1992)
|
Date |
Particulars |
Amount |
|
16-09-1994 |
Instrument: Collateral and Further Charge (Jointly
with Tao Tang Yuen Yee and Tao Jun Hau, Junior) Property: 1) 12,879/200,000th parts
or shares of and in Yuen Long Town Lot No. 356 (Unit 6 & 7 on 4/F., Unit
1-11 on 6/F. and Car Parking Space No. P7 & P8 on G/F. of Kar Wah Industrial Building, 8
Leung Yip Street, Yuen Long, New Territories, Hong Kong.) 2) 3,107/200,000th parts
or shares of and in Yuen Long Town Lot No. 356 (Unit 1 & 2 on 8/F. and
Portions of Main Roof of Kar Wah
Industrial Building, 8 Leung Yip Street, Yuen Long,
New Territories, Hong Kong.)
[Released on 07-06-2010] Mortgagee: The Kwangtung
Provincial Bank, Hong Kong Branch.
[Merged into Bank of |
To secure banking facilities |
|
12-01-2010 |
Instrument: Deposit Deed Property: By way of a 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 |
|
18-06-2010 |
Instrument: Mortgage Property: 2,745/200,000th parts or shares of and in Yuen Long Town Lot No. 356
(Unit 17, 18 & 19 on 6/F. of Kar Wah Industrial Building, 8 Leung Yip Street, Yuen Long,
New Territories, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
General banking facilities to the extent of all sums of money and
interest thereon |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
RATING EXPLANATIONS
|
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 |
|
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 |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.