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MIRA INFORM REPORT
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Report No. : |
509715 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
HIP LIK PACKAGING PRODUCTS FACTORY LIMITED |
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Formerly Known As : |
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HIP LIK PVC PRODUCTS FACTORY LTD ·
DARTCHE ENTERPRISES LTD |
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Registered Office : |
3/F., Oriental
Daily News Building, 6 Kwei Chow Street, Tokwawan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
1969 |
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Com. Reg. No.: |
15380702 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
The subject is one
of the leading manufacturers in designing and manufacturing of transparent
PVC/PET packaging products including folding boxes, tubes, blister products (vacuum
formed), top and bottom trays, apple pie (pillow) boxes and die cut
sheets. It also handles silk screen
printing, hot stamping printing, offset printing and frosted effect printing
on PVC, PET and PP die-cut sheets. |
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No. of Employees : |
25. (Hong Kong) Over 700. (China) |
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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source : CIA |
Company
name and address
HIP LIK
PACKAGING PRODUCTS FACTORY
LIMITED
ADDRESS: 3/F., Oriental Daily News
Building, 6 Kwei Chow Street, Tokwawan, Kowloon, Hong Kong.
PHONE: 852-2363 3383 (20 lines)
FAX: 852-2764 1906, 2334 0974,
2330 6128
E-MAIL: hiplik@hkstar.com
sales@hiplik.com.hk
MANAGEMENT
Managing
Director: Mr. Yeung Yin Yung
SUMMARY
Started in: 1969.
Incorporated on: 2nd
May, 1991.
Organization: Private
Limited Company.
Issued Share Capital: HK$100.00
Business Category: Manufacturer, Wholesaler, Exporter and
Importer
Employees: 25. (Hong Kong)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
3/F., Oriental Daily
News Building, 6 Kwei Chow Street, Tokwawan, Kowloon, Hong Kong.
China Office:-
No. 3, Xihuan Road, Buji
Town, Longgang District, Shenzhen Special Economic Zone, China.
[Tel: 86-400-6030 286
Fax: 86-0755-8240 0330
E-mail: sales@newhiplik.com.cn]
China Factory:-
New Hip Lik Packaging
Products (Shenzhen) Co. Ltd.
Pingshan, Shenzhen
Special Economic Zone, China.
Associated
Companies:-
Ando (Hong Kong)
Ltd., Hong Kong. [Dissolved]
Hip Lik Packaging
Products Corp. India Pvt. Ltd., India.
Hip Lik Packaging
Products Factory (HK) Ltd., Hong Kong.
Hip Lik Packaging
Products Factory (International) Ltd., Hong Kong.
Hip Lik Packaging
Products Ltd., Hong Kong.
HLP Klearfold, US.
BUSINESS
REGISTRATION NUMBER
15380702
COMPANY
FILE NUMBER
0308074
MANAGEMENT
Managing
Director: Mr. Yeung Yin Yung
Contact Person: Mr.
Ringo Chen
ISSUED
SHARE CAPITAL
HK$100.00
SHAREHOLDERS
(As per registry
dated 02-05-2017)
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Name |
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No. of shares |
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YEUNG Yin Yung [Husband] |
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89 |
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CHAI Chau Kam [Wife] |
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1 |
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YEUNG Ching Man |
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10 |
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––– |
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Total: |
100 === |
DIRECTORS
(As per registry
dated 02-05-2017)
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Name (Nationality) |
Address |
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YEUNG Yin Yung |
Flat D, 21/F.,
Ilford Court, 5 Perth Street, Kowloon, Hong Kong. |
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CHAI Chau Kam |
Flat D, 21/F.,
Ilford Court, 5 Perth Street, Kowloon, Hong Kong. |
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YEUNG Ching Man |
Flat F1, 13/F.,
National Court, 242 Nathan Road, Yaumatei, Kowloon, Hong Kong. |
SECRETARY
CHAI Chau Kam (As per registry dated 02-05-2017)
HISTORY
The subject was
incorporated on 2nd May, 1991 as a private limited liability company under the
Hong Kong Companies Ordinance.
It was originally
registered under the name of Dartche Enterprises Ltd., name changed to Hip Lik
PVC Products Factory Ltd. on 31st March, 1992.
The present style was adopted on 7th February 1995.
The subject was set
up to take over the running business of Hip Lik Products Factory, a partnership
firm jointly owned by Mr. Yeung Yin Yung and Mr. Yeung Chi Man and was
established in 1969. The take-over was completed
in 1996.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturers and
Wholesalers; Exporters and Importers; Services/Sub-contracted Works.
Lines:-
Products Manufactured
Transparent
PVC/PET packaging products, blister trays, collapsible PVC boxes, gift packs.
Service/Sub-contracted Works
Hot
stamping - PVC/PET packaging products; offset printing - PVC/PET packaging
products; silk screen printing - PVC/PET packaging products; frosted effect
printing.
Brand Name: HIP LIK.
Employees: 25. (Hong Kong)
Over
700. (China)
Raw Materials: Mainly imported from Europe, US,
China & Southeast Asia and procured locally.
Markets: Hong Kong, China, Japan,
India, US, Canada, UK and other European countries.
Terms/Sales: Various
terms.
Terms/Buying: As
per contracted.
MEMBERSHIP: The
Hongkong Exporters’ Association, Hong Kong.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$100.00
Mortgage or Charge:-
Date of
Letter of Pledge and Set-Off Agreement:
27-03-2002
Amount: General banking facilities
Property: All credit balance in the account
maintained with the Bank or its subsidiaries under ref. no. 898788-300 and
898788-301 for the amount not less than EUR 1,404,327.09 & US$11,700.00
respectively in the name of Hip Lik Packaging Factory Ltd.
Mortgagee: Wing Hang Bank Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping
in an active manner.
Facilities: Making
active use of general banking facilities.
Payment: No
Complaints
Commercial
Morality: Satisfactory.
Bankers:-
Hang Seng
Bank Ltd., Hong Kong.
Wing Hang
Bank Ltd., Hong Kong.
Standing: Good.
GENERAL
Hip Lik Packaging
Products Factory Limited is a successor to Hip Lik Products Factory which was
established in 1969, a partnership firm formerly jointly owned by
Mr. Yeung Yin Yung and Mr. Yeung Ching Man. Although the new limited company was formed
in March 1992, the take-over was not completed until 1996.
Formerly the subject
was equally owned by Mr. Yeung Yin Yung and his wife Ms. Chai Chau
Kam. Now it is jointly owned by Mr.
Yeung Yin Yung, holding 89% interests, Ms. Chai Chau Kam, holding just 1%,
Mr. Yeung Ching Man, 10%.
The subject is a key
member of the Hip Lik Group. The Group
is a leading producer of clear packaging products in the world. It manufactures clear plastic box exclusively
and provides professional clear packaging solutions to the world’s customers
for more than 40 years.
The subject is one of
the leading manufacturers in designing and manufacturing of transparent PVC/PET
packaging products including folding boxes, tubes, blister products (vacuum
formed), top and bottom trays, apple pie (pillow) boxes and die cut
sheets. It also handles silk screen printing,
hot stamping printing, offset printing and frosted effect printing on PVC, PET
and PP die-cut sheets.
The subject’s main
products are the following:
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PVC Packaging Box
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Transparent Plastic Box
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Printed Plastic Packaging
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Plastic Packing Box
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Other Products/Services
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Soft Crease & Auto Bottom Lock Plastic
Folding Box
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PP, PET Offset Printing Folding Box
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Greeting Card with Offset Printing
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Toy Packaging Box
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Storage Box With Stamping
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PP plastic folding packaging box
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Gift Box
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Other Types of Plastic Box, etc.
The subject’s products
are widely used in the industries of toys and games, electronics, garments,
watches and clocks, gifts and premiums, foodstuffs, household, stationery,
cosmetics, leather goods, health care products, etc.
The subject has moved
all the production facilities to Shenzhen, China.
to take the advantage of low overhead
chargers. With a workforce of over 700,
the Shenzhen factory is well equipped with a full range of advanced automatic
machinery imported from Europe and the United States.
The production area
of the plant covers over 600,000 sq.ft.
Business started in
1969, the subject serves worldwide customers, especially those in the United
States and Europe. It has employed many
professionally trained staff and have a good management system. It is the first company which was awarded ISO
9002 Quality Certificate in the Transparent Packaging Industry in Hong Kong by
Det Norske Veritas of the Netherlands.
In 2010, the Group
acquired Klearfold brand, the renowned brand in the United States. In the same year, the Group set up HLP
Klearfold Inc.
In 2013, the Group
set up branch offices in South Korea and India.
It got the certification of BRC Global Standard for Packaging &
Packaging Materials. In the same year,
the Group invested in a new, advanced with 13-colour flexo printing press.
The annual sales
turnover of the Group is very significant.
It has had a number of famous customers in the United States and Europe.
Now, the subject has
set up offices in Shenzhen, Dongguan, Guangzhou, Changsha, Chongqing, Quanzhou,
Hefei, Ningbo, Shanghai, Wuhan, Xi’an, Tianjin, Qingdao, Shenyang.
Concerning its
international offices, the subject has set up offices in Japan, South Korea,
India, etc. It also has set up seven
offices in the United States as the United States has become its main market.
The subject also
receives OEM orders. Business has been
actively conducted. History in Hong Kong
is over 27 years.
On the whole,
consider the subject good for normal business engagements.
REMARKS
Property information
of director:-
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Property Location |
Owner |
Date of Purchase |
Purchased |
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Flat C on 8/F.,
Cheong Wah Factory Building, 39-41 Sheung Heung Road & 60 Cheung Ning
Street, Kowloon, Hong Kong. |
Yeung Yin Yung |
13-06-1985 |
HK$700,000 |
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Apartment No. F1 on
13/F., National Court, 240-252 Nathan Road, 16A-16F Jordan Road & 19‑24 Tak
Hing Street, Kowloon, Hong Kong. |
Yeung Ching-Man |
10-12-1985 |
HK$250,000 |
(No mortgage records registered
against all the properties)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.21 |
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1 |
INR 91.43 |
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Euro |
1 |
INR 80.24 |
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HKD |
1 |
INR 8.71 |
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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NIY |
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Report Prepared
by : |
SYL |
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.