MIRA INFORM
REPORT
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Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
ADONIS
LTD |
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Registered Office : |
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty |
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Country : |
Hong Kong |
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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 of all kinds of newsprint paper, graphic paper, timber, soya bean, raw cashew in shells, industrial materials, sundries and native produces |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company name
ADONIS LTD.
COMPANY ADDRESS
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong.
PHONE: 2850 7366, 2851 7366
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$50,000,000.00
Issued: US$9,972,000.00
Business Category: Importer and Exporter; Buying Office and Regional Office.
Annual Turnover: US$200~220 million.
Employees: 14.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong.
Overseas Offices:-
Mayar (H.K) Ltd.,
Yangon Office
Room 703-704, Level 7, La Pyayt Wun Plaza, No. 37, Signal Pagoda Road,
Dagon Township, Yangon, Myanmar.
Tel: 95-1-371374, 371375
Fax: 95-1-371376
E-mail: mayarcm@myanmar.com.mm
Mayar (H.K) Ltd.,
Malaysia Office
H. No. 8-A, Lane 15, Delta Estate, 96000, SIBU, Sarawak, Malaysia.
Tel: 60-84-338730
Fax: 60-84-338641
E-mail: mayarsb@streamyx.com
Parent Company:-
Mayar India Ltd., India.
Associated/Affiliated
Companies:-
Mayar Group of
Companies
· Amar Eye Centre & Research, India.
· Mannor Impex Pvt. Ltd., India.
· Mayar Finance Ltd., India.
· Mayar Health Resorts Ltd., India.
· Mayar Infrastructure Development Pvt. Ltd., India.
· Mayar Properties & Investments (Pvt.) Ltd., India.
· Mayar Securities (Pvt.) Ltd., India.
· Qingdao Jinhuihai International Transportation Co. Ltd., China.
· Shree Cosmetics Ltd., India.
· Signalize Impex (P) Ltd., India.
· Sivananda Pharmaceuticals (Pvt.) Ltd., India.
· V.O.U. Investment (Pvt.) Ltd., India., etc.
BUSINESS REGISTRATION NUMBER
17391818
COMPANY FILE NUMBER
0449525
MANAGEMENT
· Group Chairman & Managing Director: Mr. Ajit Kumar Sud
· Director & Business Head: Mr. Ashit Sud
· Managing Director: Mr. Ajay Deepak
CAPITAL
Nominal Share Capital: US$50,000,000.00 (Divided into 400,000 shares of US$125.00 each)
Issued Share Capital: US$9,972,000.00
SHAREHOLDERS
(As per registry
dated 16-09-2010)
|
Name |
|
No. of shares |
|
Ajit Kumar SUD |
|
16 |
|
Mayar India Ltd. Plot No. A, Basant Lok Community Centre, Vasant Vihar, New Delhi 110057, India. |
|
79,744 |
|
Ajay DEEPAK |
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16 |
|
|
|
–––––– |
|
|
Total: |
79,776 ===== |
DIRECTORS
(As per registry
dated 27-06-2011)
|
Name (Nationality) |
Address |
|
Ajit Kumar SUD (Indian) |
2-A, Shankra Charya Marg, Behind I.P. College, Civil Lines, Alipur Road, New Delhi-110054, India. |
|
Ashit SUD |
Flat B, 37/F., South Towers, Tower 5, 38 Bel-Air Avenue, Residence Belair, Island South, Wah Fu, Hong Kong. |
|
Abhit SUD |
2-A, Shankra Charya Marg, Behind I.P. College, Civil Lines, Alipur Road, New Delhi-110054, India. |
|
Ajay DEEPAK |
Flat E, 8/F., Block 7, City Garden, 233 Electric Road, Hong Kong. |
SECRETARY
(As per registry
dated 16-09-2010)
|
Name |
Address |
Co.
No. |
|
Tricor Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0041027 |
HISTORY
The subject was incorporated on 16th September, 1993 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Mayar (H.K.) Ltd., name changed to the present style on 22nd July, 2011.
Formerly the subject was located at Room 1102, 11/F., The Centre Mark, 287-299 Queen’s Road Central, Hong Kong, moved to Room 604, 6/F., Lippo Centre, Tower 1, 89 Queensway, Admiralty, Hong Kong with effect from 8th February, 1999; and moved further to the present address in June 2010.
In September 2009, the subject increased its ordinary shares from 63,776 to 79,776.
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: 14.
Commodities Imported: Russia, Germany, Austria, Korea, India, etc.
Markets: Hong Kong, India and Southeast Asia.
Annual Turnover: US$200~220 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP:
The Indian Chamber of Commerce Hong Kong, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: US$50,000,000.00 (Divided into 400,000 shares of US$125.00 each)
Issued Share Capital: US$9,972,000.00
Alternation of Capital:-
|
16-09-1993 |
paid up |
US$ 250.00 |
|
06-09-1994 |
paid up |
US$ 498,000.00 |
|
25-03-1997 |
paid up |
US$ 7,473,750.00 |
|
25-09-2009 |
paid up |
US$ 2,000,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
US$ 9,972,000.00 ============= |
Increases of Nominal Capital:-
|
From |
US$ 250,000.00 |
to |
US$ 500,000.00 |
on |
06-09-1994 |
|
From |
US$ 500,000.00 |
to |
US$ 9,375,000.00 |
on |
25-03-1997 |
|
From |
US$9,375,000.00 |
to |
US$50,000,000.00 |
on |
25-09-2009 |
Indebtedness: US$50 million
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 16-09-2010)
Mortgage or Charge
(since June 2008) (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Keeping in an active and good condition.
Facilities: Making very active use of general banking facilities.
Payment: Met obligations as contracted.
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.
· Axis Bank Ltd., Hong Kong Branch.
· Allahabad Bank, Hong Kong Branch.
· UCO Bank, Hong Kong Branch.
· Allahabad Bank, Hong Kong Branch.
Standing: Normal.
GENERAL
Adonis 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.
The subject changed name to the present style in July 2011.
Located in the east of Delhi, India, Mayar India has been dealing in paper for over 50 years. The subject is an Indian company acting as a buying and regional office for Mayar India in Hong Kong.
The subject is a part of the Mayar Group, headquartered in India, with a history of over 62 years. Established in 1948, Mayar Group is a large business conglomerate having interests in paper, timber, beans, other agricultural products, iron and steel, iron ore, real estate, FMCG personal care products, infrastructure development and hospitality. It is an over US$500 million-dollar enterprise in India.
The Group has set up a number of affiliated and associated companies in the world. It oversees the activities of all its offices across the world — in Hong Kong which is the subject, Malaysia, Singapore, Indonesia, Venezuela, Burma and even Russia.
According to the Group, it is a “debt free company” as it believes in expanding its interests by drawing on its own resources. The Group will keep on expanding in the years ahead under this way.
The subject is rated as one of the largest trading company of Indian origin, with its net worth about US$30 million as of 31st March, 2011. Now, its annual sales turnover ranges from US$200 to 220 million. Business is active.
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 South Korea. In order to diversify the business, the subject also has been engaged in importing and exporting of timber, agricultural products, iron ore, iron and steel, chemicals, etc. Its business has penetrated China and offices have been set up in Guangzhou, Qingdao and Beijing.
The Qingdao firm is known as Qingdao Jinhuihai International Transportation Co. Ltd. The General Manager of the Qingdao firm is Mr. Qi Jianxin who is a Chinese. The Qingdao firm is responsible for the co-ordination with the newsprint mills and logistic services. Qi Jianxin has become one of the key managing personnel of the Group. He is one of the managers of the Publication Paper Division.
Besides the China offices, the Group also has set up offices in Myanmar and Malaysia.
The subject is engaged in establishing business ties between Hong Kong, India firms and the rest of the world. The subject is importing commodities form India and re-exporting to the other countries. Main commodities carried are publication papers, timber, agricultural products, iron ore and steel.
Its businesses keep on expanding.
The directors of the subject are also Chief Executive Officers of the Mayar Group.
The subject is fully supported by the Mayar Group.
In Hong Kong, the business of the subject is chiefly handled by Mr. Ajay Deepak who is residing in Hong Kong most of the time. He is in fact a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
In December 2007, the subject got a litigation filed with the Hong Kong court concerning an amount due of US$358,000.
On the whole, having a history of about eighteen years, the subject is considered good for normal business engagements.
REMARKS:
Brief information of directors:-
Mr. Ajit Kumar SUD is the Chairman and Managing Director of the Group. Born in 1946, Mr. Ajit Kumar Sud joined in the family business in 1967, a worthy inheritor of his father’s mantle, is continuing the legacy by expanding the Group in other areas like Health Resorts, Day Spas, and Development of Special Economic Zones. He is sticking firmly to the ideals that have made the Mayar a corporate global organization.
Mr. Ashit SUD is the Business Head. Born in 1979, Mr. Ashit Sud is the elder son of Mr. A.K. Sud. He is young and dynamic personality. He possesses a degree in B.Sc. (Hons), specializing in Finance and Human Resources from University of Bradford, the United Kingdom. He has got extensive training in the subject for 7 years. He joined the family business in 2000. He was part of the core team for establishing the Mayar Group’s Hospitality Venture, Health Spa at Ashok Hotel, Chanakyapuri, New Delhi in 2004. Presently he is the Business Head of the subject.
Mr. Ajay DEEPAK, M.Sc.(Physics), CAIIB is a professional from banking industry. Has over 20 years of banking experience at National and International level. His present position is Managing Director of the subject.
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: Room 803 on 8/F. of Tower 2, 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 |
|
10-02-2010 |
- |
Bank of India, Hong Kong Branch. |
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 |
3. Property Location: Flat E on 8/F. of Block 7, City Garden, 233 Electric Road, Hong Kong.
Owner: Mayar (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
10-09-2010 |
- |
Allahabad Bank, Hong Kong Branch. |
Mortgage to secure general banking facilities |
4. Property Location: Flat B on 37/F. of Tower 8 and Private Car Park No. 188 on Car Park Level 2, Residence Bel-Air, 28-38 Bel-Air Avenue, Island South, Hong Kong.
Owner: Mayar (H.K.) Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-09-2010 |
- |
Bank of Baroda, Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
(Since June 2008)
|
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; Rate of Interest: 2.70%, 2.70%, 2.70% Maturity Date Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
31-01-2009 |
Instrument: Charge on Deposit Property: A sum of US$1,690,940.96 for Account No. 911020400003162, 911020400002875, 911020400002431 and 911020400001892 Mortgagee: Axis Bank Ltd., Hong Kong Branch. |
As a continuing security for the payment and discharge of the Liabilities |
|
06-03-2009 |
Instrument: Obligations of the Depositor Property: Account No. 82000014 and 82100014: Amount Rate of Maturity 2008
FD 48 2 18-10-2008 283,645.50 3.50% 18-04-2009 Mortgagee: Allahabad Bank, Hong Kong Branch. |
All moneys |
|
12-05-2009 |
Instrument: Letter of Set-off and Appropriation Property: The following fixed deposit of A/C No. 037130: Deal No. Date Amount Due Date 152688 02-03-2009 US$553,010.60 02-06-2009 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
|
01-06-2009 |
Instrument: Undertaking Relating to Deposits Property: Receipt
No.: EM 57 Mortgagee: UCO Bank, Hong Kong Branch. |
Liabilities |
|
10-02-2010 |
Instrument: Mortgage Property: 343,435/1,285,159th parts or shares of and in 1,285/102,750th parts or shares of and in Inland Lot No. 8615 {Room 803 on 8/F. of Tower Two [formerly known as Peregrine Tower and before that known as EIE Tower and further before that known as Tower 1 (West Tower)] of Lippo Centre (formerly known as Bond Centre), 89 Qeuensway, Hong Kong.} Mortgagee: Bank of India, Hong Kong Branch. |
Repayment of all monies obligations and liabilities in respect of general banking facilities |
|
21-04-2010 |
Instrument: Memorandum Property: Distinctive 91210300003341 01-03-2010 US$662,373.17 01-06-2010 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
21-06-2010 |
Instrument: Undertaking Relating to Deposits Property: Receipt
No.: 2010 UL 2 Mortgagee: UCO Bank, Hong Kong Branch. |
Liabilities |
|
10-09-2010 |
Instrument: Mortgage Property: 38/100,180th parts or shares of and in Inland Lot No. 8580 (Flat E on 8/F. of Block 7 of City Garden, 233 Electric Road, Hong Kong.) Mortgagee: Allahabad Bank, Hong Kong Branch. |
All moneys |
|
30-09-2010 |
Instrument: Mortgage Property: 164/553,324th parts or shares of and in Section B of Inland Lot No. 8969 (Flat B on 37/F. of Tower 8 and Private Car Park No. 188 on Car Park Level 2 of Residence Bel-Air, 28-38 Bel-Air Avenue, Island South, Hong Kong.) Mortgagee: Bank of Baroda, Hong Kong Branch. |
All moneys |
|
04-04-2011 |
Instrument: Charge Over Deposit Property: All the fixed deposit and/or call deposit under the Customer ID 911000130 Mortgagee: Axis Bank Ltd., Hong Kong Branch. |
To secure all monies in respect of banking facilities |
|
23-05-2011 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2010
FD 5161 01-03-2011 US$400,000.00 1.250% 01-06-2011 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.67 |
|
UK Pound |
1 |
Rs.76.50 |
|
Euro |
1 |
Rs.66.98 |
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 |
Larg |
|
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.