|
Report No. : |
344990 |
|
Report Date : |
13.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
PROTECTIVE INDUSTRIAL PRODUCTS
MANUFACTORY LTD. |
|
|
|
|
Registered Office : |
Flats 8-11, 6/F., Kar Wah Industrial Building, 8 Leung Yip Street,
Yuen Long, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
14.04.1978 |
|
|
|
|
Com. Reg. No.: |
05570030 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is 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 |
|
|
|
|
No. of Employee : |
24 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 re-exports, 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'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, helped it to make an initial recovery more quickly 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 12.5% of total system deposits in Hong Kong by the end of 2014. 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. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4.4% in 2014. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. 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, effective from 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.
|
Source
: CIA |
PROTECTIVE INDUSTRIAL
PRODUCTS MANUFACTORY LTD.
Flats 8-11, 6/F.,
Kar Wah Industrial Building, 8 Leung Yip Street, Yuen Long,
New Territories, Hong Kong.
PHONE: 852-2475 9228, 2477 8472
FAX: 852-2478 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: 24.
Main Dealing
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Banking
Relation: Very 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:-
Black Pearl
Productions Inc., USA.
Emery Enterprises
Ltd., Hong Kong. (Dissolved)
McHenry
Manufacturing Inc., USA.
PIP Balkans SA, Greece.
PIP Europe S.r.l.,
Italy.
PIP Iberica S.L.,
Spain.
PIP Italy Srl,
Italy.
PIP Latin America
- GDC S.A., Panama.
PIP
Mexico-Productos Industriales de Proteccion S.A. de C.V., Mexico.
PIP Southeast Asia
Sdn. Bhd., Malaysia.
PPE Global
Sourcing (Shanghai) Ltd., China.
PR Industries
Inc., USA.
Protective
Industrial Products (Australia) Pty. Ltd., Australia.
Protective
Industrial Products (Latin America) S.A., Panama.
Protective
Industrial Products AMEA Ltd., Hong Kong.
Protective Industrial
Products Asia Pacific (China) Ltd., China.
Protective
Industrial Products Asia Pacific Ltd., Hong Kong.
Protective
Industrial Products Europe SRL, Spain.
Protective
Industrial Products Inc., USA.
Protective
Industrial Products Worldwide Ltd., Hong Kong.
Well Gain Fine
Chemicals Co. Ltd., Hong Kong.
Wellson
Enterprises Ltd., Hong Kong.
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 14-04-2014)
|
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 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As
per registry dated 14-04-2014)
|
Name (Nationality) |
Address |
|
TAO Jun Hau,
Junior |
22 San Simeon Avenue, Royal Palms, Yuen
Long San Tin, New Territories, Hong Kong. |
|
TAO Jun Hwa,
Paul |
Flat 1, 2/F., Block B, Peninsula Heights, 63
Broadcast Drive, Kowloon Tong, Kowloon, Hong Kong. |
|
TAO Ket Chan,
Wellson |
House 7, Ping Shan Garden, D.D. 122, Lot
1705, Yuen Long, New Territories, Hong Kong. |
|
TAO Jun Yan, Amy |
Flat C, 3/F., Block 3, The Eldorado, 11
Sha Tseng Road, Ping Shan, Yuen Long, New Territories, Hong Kong. |
(As
per registry dated 14-04-2014)
|
Name |
Address |
Co.
No. |
|
Busiaid
Management Services Ltd. |
Room 401-402, 4/F., Tung Ming Building, 40-42 Des Voeux Road Central,
Hong Kong. |
0033062 |
The
subject was incorporated on 14th April, 1978 as a private limited liability
company under the Hong Kong Companies Ordinance.
The
subject registered its Chinese name in September 1987.
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.
Employees: 24.
Raw Materials: Imported from European countries and
finished products from China.
Markets: US, Canada, Europe, China,
Japan, South Korea, Taiwan, Mexico and other Southeast Asian countries.
Terms/Sales: L/C,
T/T and D/P.
Terms/Buying: As
per contracted.
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: Business is profitable.
Condition: Keeping in a satisfactory and
active condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial
Morality: Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
Citibank, N.A.,
Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Very Good.
Protective
Industrial Products Manufactory Ltd. [PIPM] was incorporated in April 1978 as a
private limited company wholly-owned by 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 sons and daughters.
PIPM
is a member of the PIP Group.
PIPM
is a gloves trader. It carries all kinds
of protective gloves and labour gloves.
Products are principally manufactured by its affiliated or associated
manufacturers in Guangdong Province, China.
Finished products are exported to the United States, Mexico, Canada,
Europe and Southeast Asia. PIPM is
responsible for supplying its factories in China with raw materials which are
mainly imported from Europe.
The
operating office of PIPM is also the Asia headquarters of the PIP Group.
Before
1994, PIPM had got quotas in garments allocated by the Hong Kong Government in
exporting its products to the United States and Europe. At the end of 2001, as China joined in the
World Trade Organization [WTO] and the US and European Union trade quota
restrictions were abolished by 2005.
PIPM
has been one of the significant glove traders in Hong Kong. Its associated company in the United States
is Protective Industrial Products Inc. [PIP].
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 which are distributed throughout the United States. In recent years, operations in Mexico,
Australia, China and Panama have been developed to meet the needs of those
countries. On 1st October, 2008 saw the
inception of PIP Europe based Rome, Italy.
This firm is also a glove distributor.
PIP
is the exclusive supplier of “Marigold®” industrial gloves in the United
States and Mexico. PIP is a supplier of
gloves to industrial distributors throughout the United States. Over the years, PIP has grown from a specialist
in inspection gloves to a full line provider of work gloves. PIP is now one of the leading companies
supplying work gloves to industrial distributors nationally.
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 Jersey and Terry Cloth Gloves.
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:-
1. Protective
clothing (Hi-Visi Clothing);
2. Apron
(Industrial) (leather included);
3. Industrial
rainwear;
4. Shoe
cover ‑ PE and PVC;
5. Work
gloves, gloves ‑ Industrial, Cotton;
6. Gloves
‑ Industrial, Leather;
7. Gloves
‑ Industrial , Nylon;
8. Gloves
‑ Industrial, PVC;
9. Goggles
‑ Industrial;
10. Mask
and Respirator ‑ Industrial;
11. Gloves
‑ Garden, Transport Equipment;
12. Others
(Floor jack, chain block);
13. Garage
Equipment (Car jack);
14. Industrial
Chemicals (Fine chemicals); &
15.
Dyeing, tanning and colouring materials
(Pearlescent pigments from the United States).
Now,
PIPM has set up an associated company PPE Global Sourcing (Shanghai) Ltd. in
Shanghai, China. This firm is
responsible for sourcing all kinds of productive products in China and exports
to the United States and Europe.
In
March 2012, PIP Group was appointed as the newest DuPont licensee of DuPont™
Kevlar® fibre for use in gloves, sleeves and garments. Lightweight, cut resistant and durable,
Kevlar® provides workers superior protection from cuts and career-ending
accidents. PIP has two manufacturing
facilities in the United States that produce gloves, sleeves, and garments made
with Kevlar®.
Now,
the Group has over 320 employees worldwide.
Global presence in the America, Europe and Asia Pacific region. The annual sales turnover of the Group is
over US$200 million. The Group has over
3,500 products available from distribution centres totalling 500,000 sq.ft in
the United States alone.
The
business of PIPM is active and satisfactory.
The annual sales turnover of PIPM is also very significant. History in Hong Kong is about thirty-seven
years.
PIPM
operates from its own office.
On
the whole, consider it good for normal business engagements.
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 China (Hong Kong)
Ltd.] |
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 China (Hong Kong) Ltd., Hong Kong. |
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., Hong Kong. [Merged into DBS Bank (Hong Kong)
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 China (Hong Kong)
Ltd.] |
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 |
|
27-07-2012 |
Instrument: Charge
on Cash Deposit(s) to secure Liabilities of the Depositor(s) Property: 1) By way of first fixed charge and
agreement to charge:- The Deposit and all right, title and
interest of the Company whatsoever, present and future, thereto and therein,
together with any certificates of deposit or other instruments or securities
evidencing title, or otherwise relating, thereto and any account to which the
same is credited 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 whether actual or contingent |
|
04-06-2013 |
Instrument: Security
Over Deposit in respect of Obligations of the Deposit Property: By way of first fixed charge to the
Chargee the account No. 701600015668 and all deposits Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
|
19-11-2012 |
Instrument: Deed
of Indemnity, Charge Over Deposit and Set-Off Property: By way of Fixed Charge to the Bank all the
Company’s estate, right, title, claim, benefit and interest to and in the
Deposit (Account No. 012-588-5-194484-7, Amount: US$1,499,326) and all
interest from time to time payable thereon and together with all title deeds
and documents relating thereto Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.73 |
|
|
1 |
Rs.99.30 |
|
Euro |
1 |
Rs.73.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
-- |
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.