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MIRA
INFORM REPORT
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Report Date : |
22nd
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
MAYAR (H.K.) LTD. |
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Registered Office : |
Unit 604, 6/F, Tower 1, Lippo Centre, 89 Queenway, Admiralty, Hong Kong. |
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Country : |
Hong Kong. |
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Date of Incorporation : |
16-9-1993 |
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Com. Reg. No.: |
449525 |
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Legal Form : |
Private Limited Co. |
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Line of Business : |
Engaged in trading of timber logs &
newsprint paper. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
NAME & ADDRESS
MAYAR (H.K.) LTD.
UNIT 604, 6/F, TOWER 1, LIPPO CENTRE, 89 QUEENWAY,
ADMIRALTY, HONG KONG.
TEL: 852 28507366
FAX: 852 25422302
EXECUTIVE SUMMARY
INCORPORATION DATE : 16-9-1993
REGISTRATION NO. : 449525
REGISTERED LEGAL FORM : PRIVATE
LIMITED CO.
CHIEF EXECUTIVE : SUD AJIT KUMAR
(CHAIRMAN & DIRECTOR)
STAFF STRENGTH : NA
AUTHORIZED CAPITAL : US$9,375,000 = 75,000 SHARES @ US$125
PAID-UP CAPITAL : US$7,972,000
BUSINESS LINE : TRADING OF TIMBER LOGS & NEWSPRINT PAPER
TURNOVER : US$45M (GROUP, YEAR ENDED 31-3-2005)
EQUITIES : N/A (AS OF
DEC. 31, 2004)
PAYMENT : AVERAGE
RECOMM. CREDIT RANGE : FAIRLY LARGE AMOUNT
MARKET CONDITION : COMPETITIVE
FINANCIAL CONDITION : STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION : AVERAGE
EXCHANGE RATE : HKD 7.76599 = USD1 AS OF 2006-06-22
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Note: Search indicated that the co. name "Mayor India Ltd." provided by you has no business registration in Hong Kong. Our finding reveals that your given address, telephone & fax nos. are currently used by Mayar (H.K.) Ltd. We believe that your target co. is Mayar (H.K.) Ltd. (SC)
The correct name of SC is the heading one instead of the name given by you.
SC is a private limited company registered under incorporation file no. 449525 on 16-9-1993.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 16-9-2005) Number of shares held
Mayar India Ltd. 63,744
Sud Ajit Kumar 16
Deepak Ajay 16
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63,776
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Directors (as at 19-10-2005)
Sud Ajit Kumar/ Z1394406
Sud Ashit/ P993566(9)
Sud Abhit / B3683642
Deepak Ajay / P709056(4)
The above registration information is based on SC's annual return filed at Companies Registry within the last 2 years.
Our current search reveals certain material change or amendment of SC has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation date
Patel Dahyalal Kapurchand 18-6-2004
Sud Loveleen 29-6-2004
Talwar Satyapal 19-10-2005
Name(s) of newly appointed director(s) Appointment date
Sud Abhit 29-6-2004
Deepak Ajay 29-6-2004
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This section will contain the civil litigations & winding-up petitions filed against SC for the last 6 years (as stored in our database), and the mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited co is not required to be registered in the public records.
Civil litigation/winding-up petitions : (X) see below ( ) see attached sheet
Date : 30-3-2005
Defendant(s) : SC
Plaintiff(s) : Dibb Lupton Alsop Dla
Cause of claim : Service rendered
Claimed amount : HKD141,479
Date : 20-7-2002
Defendant(s) : SC
Plaintiff(s) : Houlder Insurance Broker Fast East Ltd.
Cause of claim : Breach of Contract
Claimed amount : ANS
Mortgage/charge record(s) : (X) see below ( ) see per attached
Creation date : 30-3-2005
Charger(s) : SC
Chargee(s) : UCO Bank
Secured amount : ANS
Charge particulars : Undertaking Relating to Deposits (Deposit: US$310,000)
Creation date : 22-6-2005
Charger(s) : SC
Chargee(s) : HSBC
Secured amount : ANS
Charge particulars : Charge Over Securities & Receivables
Creation date : 13-4-2004
Charger(s) : SC
Chargee(s) : Bank of Baroda (Hong Kong) Ltd.
Secured amount : ANS
Charge particulars : Memorandum (Deposit: US$1,069,131.60)
Creation date : 14-7-2004
Charger(s) : SC
Chargee(s) : Bank of India
Secured amount : ANS
Charge particulars : Letter of Set-Off Appropriation (US$200,931.08)
Creation date : 25-6-2004
Charger(s) : SC
Chargee(s) : UCO Bank
Secured amount : ANS
Charge particulars: Mortgage (same as the heading business)
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1994 - 2005
Year(s) in which
mortgage satisfaction record(s) are filed: 1998 - 2002, 2005
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SC is a subsidiary of Mayar India Ltd. whose partial information is as follows:
Year established : NA
Registered/business address : Mayar Towers, 12 Jamuna Road, Delhi 110054, India.
Business line : As a holding co with diverse interests in trading of timber logs, newsprint paper, metal ores, concentrates & biotech products
No. of employees : 350 (group)
Civil litigation & winding-up petition records : None in our database
Turnover : US$45M (year ended 31-3-2005)
The said co. maintains its branch offices in Myanmar, Malaysia, Hong Kong, Ecuador & Ukraine.
Sud Ajit Kumar, chairman & director:
- Born in 1946 & married
- He is by Indian nationality
- Embarked upon his career to present field as an executive trainee in his early 20's
- Also currently executive officer of Mayar India Ltd.
Currently residing in India & only visits Hong Kong for business occasionally.
Registered residential address: 2-A, Shankracharya Marg, Behind I.P. College, Civil Lines, New Delhi-54, India.
Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:
Civil litigation as defendants : None in our database
Bankruptcy/winding-up petitions : None in our database
Delinquent payment records : None in our database
Debt collection records : No overdue amount owed by the said person was placed to us
for collection
Deepak Ajay, director:
- In his late 50's & married
- He is by Indian nationality
- Embarked upon his career to present field in his mid 20's
Currently active in SC's day-to-day operations & is responsible for its management.
Registered residential address: Flat 10A, Blk 8, City Garden, 233 Electric Road, North Point, HONG KONG.
Property ownership: Current land search indicates the said premises ownership as follows:
- Owner(s) : Wong Lily
- Date of purchase & consideration : 23-3-1995 / HKD7.1M
- Date of mortgage & secured amount : 23-5-1997 / ANS
- Mortgagee : Wing Lung Bank Ltd.
Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:
Civil litigation as defendants : None in our database
Bankruptcy/winding-up petitions : None in our database
Delinquent payment records : None in our database
Debt collection records : No overdue amount owed by the said person was placed to us
for collection
Ownership background appraisal:
Rating :2 Obtained scores : 65 (see explanatory notes below)
Keys :1 : scores 81-100 : Excellent
2 : scores 61-80 : Good
3 : scores 46-60 : Average
4 : scores 21-45 : Fair
5 : scores 01-20 : Poor
The rating indicates the personal financial & operational strength of SC's major principals. It is calculated from a composite of scores obtained from the following 5 factors which carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation, business experience & track record, market connection and management skill.
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Business categories :
SC is engaged in trading of timber logs & newsprint paper.
Items available include paper, paperboard, article paper, etc.
Principal purchases :
Major types of sourcing : Merchandise
Local--type of suppliers : Nil
Buying terms: NIl
Overseas--supplying countries: Russia & Australia (for newsprint paper); Indonesia & SE Asian countries (for timber logs)
Buying terms: L/C & T/T
Principal market :
Local--type of customers: Nil
Selling terms: Nil
Overseas--buying countries: India & other Asian countries
Selling terms: D/P, D/A & T/T
Total number of employees :10.
Location: Maintaining its office at the heading business address which occupies a gross area of 3,000 square feet at a commercial building in a commercial & shopping district.
Condition inside the premises during our visit : Normal.
Office/factory layout : Standard.
The premises is owned by SC.
Property ownership : Current land search indicates the ownership details of the captioned premises as follows:
- Owner(s) : SC
- Date of purchase & consideration : 30-10-1998 / HKD9M
- Date of mortgage & secured amount : 25-6-2004 / ANS
- Mortgagee : UCO Bank
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Jointly
occupying the premises with Maxleen Ltd., SC's affiliate.
Overseas
affiliates:
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- GMD
(Beijing) Interior Products Ltd.
- GS (Guangzhou)
Interior Products Ltd.
- GM
(Shanghai) Interior Products Ltd.
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Overall payment appraisal :
( ) Excellent ( ) Good (X) Average ( ) Fair ( ) Poor ( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment records and our debt collection record concerning SC.
Trade payment experience : Owing to the nature of its business, SC is not an active seeker of local commercial credit since merchandise/materials are imported. Its expenses in the form of accruals and servicing are reportedly met in prompt manner.
Delinquent payment record : None in our database.
Debt collection record : No overdue amount owed by SC was placed to us for collection within the last 6 years.
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Banking relations are maintained principally with:
- HSBC
- Indian Overseas Bank
- Indo Hong Kong International Finance Ltd.
- UCO Bank
- Bank of India
- Bank of Baroda (Hong Kong) Ltd.
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During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
Sources indicated that SC's group turnover for the year ended 31-3-2005 was US$45M.
As per current co. search, total amount of
indebtedness of SC in respect of all mortgages and charges which are required
to be registered with Companies Registry as at 16-9-2005 was nil.
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SC is considered a well-maintained business
being well-known in the trade. Its
present standing for fairly large amount of credit dealings appear acceptable.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Unit E, 8/F, Blk 7, City Garden, 233 Electric Road, North Point, HONG KONG.
- Owner(s): SC
- Date of purchase & consideration: 12-4-2006 / HKD5.88M
- Date of mortgage & secured amount: NA
- Mortgagee: NA
Current land search indicates that SC was involved in the following property transaction:
- Address: Unit G, 11/F, Tower 18, South Horizons Tower, Mei Hay Court, 18 South Horizon Drive, Ap Lei Chau, HONG KONG.
- Assignor: SC
- Assignee: Lai Ho Wah & Cheng Wai Yee Wendy
- Date of disposal & amount: 16-10-2000 / HKD4.9M
Note:
The said premises was formerly purchased by SC at a consideration of
HKD4.7M on 19-11-1998.
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/normal. |
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 |