MIRA
INFORM REPORT
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Report Date : |
05.07.2007 |
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 Queensway,
Admiralty |
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Country : |
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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 Company |
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Line of Business : |
Trading of timber logs & newsprint paper. |
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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Maximum Credit Limit : |
Up To USD50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name & address
MAYAR (H.K.) LTD.
UNIT 604, 6/F, TOWER 1, LIPPO CENTRE,
89 QUEENSWAY, ADMIRALTY,
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 :
12
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$50M (GROUP, AS OF DEC. 31, 2006)
EQUITIES :
N/A (AS OF DEC. 31, 2006)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : FAIRLY STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.8211 = USD1 AS OF 2007-04-27
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
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 16-9-2006) Number
of shares held
Mayar
Sud Ajit Kumar 16
Deepak Ajay 16
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63,776
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Directors (as at 19-10-2006)
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 revealed 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
Talwar Satyapal 19-10-2005
Name(s) of newly appointed director(s) Appointment
date
Nil Nil
SC is a subsidiary of Mayar India Ltd. whose partial information is as
follows:
Year established : NA
Registered/business
address :
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 : None in our database
Turnover :
US$50M (year ended 31-3-2006)
The said co. maintains its branch offices in
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
Registered residential address: 2-A, Shankracharya Marg,
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,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Wong Lily
- Date of purchase & consideration : 23-3-1995 /HKD $7.1M
- 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.
During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
Our findings revealed that turnover of SC's group for the year ended
31-3-2006 was US$50M.
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 16-9-2006 was US$523,295.
Banking relations are maintained principally with:
- HSBC
- Indian Overseas Bank
- UCO Bank
- Bank of
- Bank of
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 records filed by SC for the last 2 years. In
Civil litigation/winding-up petitions: (X) see below ( )
see attached sheet
Date :
11-6-2002
Defendant(s) : SC
Plaintiff(s) : Dibb Lupton Alsop Dla
Cause of claim : Service rendered
Claimed amount : HKD $141,479
Date :
20-7-2002
Defendant(s) : SC
Plaintiff(s) : Houlder Insurance Broker Far
East Ltd.
Cause of claim : Breach of Contract
Claimed amount : ANS
Mortgage/charge record(s): (X) see below ( )
see per attached
Creation date: 31-8-2006
Charger(s): SC
Chargee(s): Indian Overseas Bank
Secured amount: ANS
Charge particulars: Undertaking
Relating to Deposits (Deposit: US$273,000)
Creation date : 30-6-2006
Charger(s) :
SC
Chargee(s) :
HSBC
Secured amount : ANS
Charge particulars : Security over Deposits (Deposit: US$500,000)
Creation date : 29-6-2006
Charger(s) :
SC
Chargee(s) :
HSBC
Secured amount : ANS
Charge particulars : Mortgage (address: Unit E, 8/F, Blk 7, City Garden,233
Electric Road, North Point, HONG KONG)
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
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1994 - 2005, 2006
Year(s) in which mortgage satisfaction record(s) are filed: 1998 - 2002,
2005
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.
Business categories:
SC is engaged in trading of timber logs & newsprint paper.
Items available include paper, paperboard & article paper.
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : NIl
Overseas--supplying
countries :
Buying terms : L/C & T/T
Principal
market : Local--type of customers :
Nil
Selling
terms : Nil
Overseas--buying
countries :
Selling terms : D/P, D/A &
T/T
Total number of employees : 12.
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 :
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 / HKD $9M
- Date of mortgage & secured amount : 25-6-2004 / ANS
- Mortgagee : UCO Bank
SC is not known to have any subsidiary at present.
SC is considered an old-established business with acceptable financial
base to meet moderate amount of credit dealings.
NOTES:
Current land search indicates that SC owns the following premises:
- Address: Unit E, 8/F, Blk 7,
- Owner(s): SC
- Date of purchase & consideration: 29-6-2006 / HKD $5.88M
- Date of mortgage & secured amount: 29-6-2006/ ANS
- Mortgagee: HSBC
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 |
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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%)