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MIRA
INFORM REPORT
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Report Date : |
25.10.2008 |
IDENTIFICATION DETAILS
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Name : |
MAYAR (H.K.)
LTD. |
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Registered Office : |
Room 604, 6/F., Lippo Centre, Tower 1, 89 Queensway, Admiralty |
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Country : |
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Date of Incorporation : |
16.09.1993 |
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Com. Reg. No.: |
17391818 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter; Buying Office and Regional Office |
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 : |
Regular |
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Litigation : |
Exists |
name of the company
MAYAR
(H.K.) LTD.
ADDRESS
Room 604, 6/F.,
Lippo Centre, Tower 1, 89 Queensway, Admiralty, Hong Kong.
PHONE: 2850 7366, 2868 1545
FAX: 2542 2302, 2851 7423
E-MAIL: ajay@mayarhk.com
MANAGEMENT
Managing
Director: Mr. Ajay Deepak
SUMMARY
Incorporated on: 16th September, 1993.
Organization: Private Limited Company.
Capital: Nominal: US$9,375,000.00
Issued: US$7,972,000.00
Business Category: Importer and Exporter; Buying Office and Regional Office.
Annual Turnover: US$200 million (Year ended 31-03-2007)
Employees: 13.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 604, 6/F.,
Lippo Centre, Tower 1, 89 Queensway, Admiralty, Hong Kong.
Parent Company:-
Mayar India Ltd.
Mayar Towers, 12
Jamuna Road, Delhi 110054, India.
Affiliated Companies:-
Amar Eye Centre & Research, India.
Mayar Finance Ltd., India.
Mayar Properties & Investments (Pvt.) Ltd., India.
Mayar Securities (Pvt.) Ltd., India.
Sivananda Pharmaceuticals (Pvt.) Ltd., India.
V.O.U. Investment (Pvt.) Ltd., India.
BUSINESS REGISTRATION NUMBER
17391818
COMPANY FILE NUMBER
449525
MANAGEMENT
Managing
Director: Mr. Ajay Deepak
CAPITAL
Nominal Share
Capital: US$9,375,000.00 (Divided into 75,000 shares of US$125.00 each)
Issued Share
Capital: US$7,972,000.00
SHAREHOLDERS
(As per registry dated 16-09-2008)
|
Name |
|
No.
of shares |
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Ajit
Kumar SUD |
|
16 |
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Mayar India Ltd. Mayar
Towers, 12 Jamuna Road, Delhi 110054, India. |
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63,744 |
|
Ajay DEEPAK |
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16 |
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–––––– |
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Total: |
63,776 ===== |
DIRECTORS
(As per registry dated 16-09-2008)
|
Name (Nationality) |
Address |
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Abhit SUD |
2-A, Shankra Charya Marg, Civil Lines, Alipur Road, Delhi-110054,
India. |
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Ajay DEEPAK |
Flat 10/A, Block 8, City Garden, 233 Electric Road, Hong Kong. |
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Ajit Kumar SUD (Indian) |
2-A, Shankra Charya Marg, Behind I.P. College, Civil Lines,
New Delhi-54, India. |
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Ashit SUD |
2-A, Shankra Charya Marg, Behind I.P. College, Civil Lines,
New Delhi-54, India. |
SECRETARY
(As per registry dated 16-09-2008)
|
Name |
Address |
Co. No. |
|
Tricor
Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
41027 |
HISTORY
The
subject was incorporated on 16th September, 1993 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject’s office was located at Room 1102, 11/F., The Centre Mark, 287-299
Queen’s Road Central, Hong Kong, moved to the present address with effect from
8th February, 1999.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer and Exporter; Buying Office and Regional Office.
Lines: All kinds of newsprint paper, graphic paper, timber, soya bean, raw cashew in shells, industrial materials, sundries and native produces.
Employees: 13.
Commodities Imported: Russia, Germany, Austria, Korea, India, etc.
Markets: Hong Kong, India and Southeast Asia.
Annual Turnover: US$200 million (Year ended 31-03-2007)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
MEMBERSHIP
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Nominal Share
Capital: US$9,375,000.00 (Divided into 75,000 shares of US$125.00 each)
Issued Share
Capital: US$7,972,000.00
Alternation
of Capital:-
|
16-09-1993 |
paid up |
US$ 250.00 |
|
06-09-1994 |
paid up |
US$ 498,000.00 |
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25-03-1997 |
paid up |
US$ 7,473,750.00 |
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––––––––––––––– |
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Total: |
paid up |
US$ 7,972,000.00 ============= |
Increases
of Nominal Capital:-
|
From |
US$250,000.00 |
to |
US$ 500,000.00 |
on |
06-09-1994 |
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From |
US$500,000.00 |
to |
US$9,375,000.00 |
on |
25-03-1997 |
Indebtedness: US$474,134.00
(Total amount outstanding on all mortgages and charges as per last
Annual Return dated 16-09-2008)
Mortgage or Charge
(since June 2008): (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking
facilities.
Payment: Met as required.
Commercial
Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Calyon, Hong Kong
Branch.
BNP Paribas,
Hong Kong Branch.
Australia &
New Zealand Banking Group Ltd., Hong Kong Branch/Singapore Branch.
Indian Overseas
Bank, Hong Kong Branch.
Bank of Baroda
(Hong Kong) Ltd., Hong Kong.
Bank of India,
Hong Kong Branch.
Standing: Normal.
GENERAL
Mayar
(H.K.) Ltd. was incorporated in Hong Kong in September 1993 and commenced
business in June 1994. Its main holding
company is Mayar India Ltd. [Mayar India] which is an India-based firm.
Mayar
India is a company dealing in paper for over 50 years. The subject is an Indian company acting as a
buying and regional office for Mayar India.
The
subject is a part of the Mayar Group, headquartered in India, with a history
and existence of over 55 years, established in 1948. Mayar Group, is a large business conglomerate
with interests in paper, timber, beans and pulses, steel, real estate and
hospitality. It is a US$500
million-dollar Enterprise.
The
subject is rated as one of the largest trading company of Indian origin, with
it net worth in excess of US$20 million as of 31st March, 2007. It recorded a turnover of US$200 million
ending 31st March, 2007.
The
subject is principally engaged in importing and exporting of Standard Newsprint
Paper and Glazed Newsprint Paper. The
suppliers are in Russia, Germany, Austria and Korea. In order to diversify the business, the
subject has been engaged in timber importing and exporting. Operation is good and active.
Now,
the subject is also trading in steel and chemicals, etc., apart from paper and
timber. Its business has penetrated
China and offices have been set up in Guangzhou, Qingdao and Beijing.
In
December 2007, the subject got a litigation filed with the Hong Kong court
concerning an amount due of US$358,000.
The
subject is fully supported by the Mayar Group.
On
the whole, having a history of over fifteen years, the subject is considered
good for normal business engagements.
REMARKS
Court
case record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
06-12-2007 |
H1430 |
Ashita Impex Pvt. Ltd. |
Mayar (H.K.) Ltd. and other |
Money Due/Owing |
US$358,000 |
Property information of
the company:-
1. Property Location: Office No. 04 on 6/F. of Tower One, Lippo Centre, 89
Queensway, Hong Kong.
Owner: Mayar (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
30-10-1998 |
- |
Crédit Agricole Indosuez, Hong Kong Branch. [Merged into Calyon] |
Mortgage to secure general banking facilities |
2. Property Location: Flat G on 11/F. of Tower 18, South
Horizons,
18
South Horizon Drive, Hong Kong.
Owner: Mayar (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
19-11-1998 |
- |
Banque Nationale de Paris, Hong Kong Branch. [Now known as BNP Paribas] |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since June 2008)
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Date |
Particulars |
Amount |
|
07-08-2008 |
Instrument: Letter
of Set-off and Appropriation Property: Fixed Deposit deal No. 145410 dated
28-07-2008 for US$503,133.58 of A/C No. 037130 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
|
24-09-2008 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive No. Date of Receipt: 09-07-2008,
09-07-2008, 09-07-2008 Amount of Deposit: US$750,000.00;
US$750,000.00; US$814,867.17 Rate of Interest: 2.70%,
2.70%, 2.70% Maturity Date Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.49.77 |
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UK Pound |
1 |
Rs.79.78 |
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Euro |
1 |
Rs.63.36 |
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. |
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%)