MIRA INFORM REPORT

 

 

Report Date :

24.12.2014

 

IDENTIFICATION DETAILS

 

Name :

ADONISS LIMITED

 

 

Formerly Known as : 

Adonis Limited

 

 

Registered Office :

Room 803, 8/F., Lippo Centre, Tower II, 89 Queensway, Admiralty

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

16.09.1993

 

 

Com. Reg. No.:

449525

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         engaged in Trading Building Materials and Paper Products such as Logs, Soft Woods, Newsprint, Cement & steel.

·         Subject also provides financial and investment services to the Group Companies.

 

 

No of Employees :

About 10 Employees

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

a1

a1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

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 re-exports, 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's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese 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; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 12% of total system deposits in Hong Kong by the end of 2013. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. 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 has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

 

Source : CIA

Contact Points

 

Company Name:

Adoniss Limited

Supplied Name:

Adonis Ltd

Trading Address:

Room 803, 8/F., Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

Supplied Address:

Lippo Center, Tower 2, 8 th Floor Suite 803, 89 Queensway, Admirality

Note: The exact name and address are as above. The supplied name belongs to subject’s former name.

 

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

 

Company Identification Details

 

Registered Name:

Adoniss Limited

Registered Address:

Room 803, 8/F., Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

Telephone Number:

+852-2850-7366

Fax Number:

+852-2542-2302

Date of Registration:

1993-9-16

Registered Number:

449525

Business Registration No.:

17391818

Paid-up Capital:

USD 9,972,000 = 79,776 Shares@ USD 125

Legal Form:

Private Limited Liability Company

SITC Code:

64132--Paper and paperboard of a kind used for writing, printing or other graphic purposes, not containing fibres obtained by a mechanical or chemi-mechanical process or of which not more than 10 % by weight of the total fibre content consists of such fibres (kg)

Principal Activities:

·         engaged in Trading Building Materials and Paper Products such as Logs, Soft Woods, Newsprint, Cement & steel.

·         Subject also provides financial and investment services to the Group Companies.

Staff:

About 10 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-9-16

 

History

 

Subject was incorporated on 1993-9-16 with the registered number 449525 as Private Limited Liability Company in Hong Kong.

 

Change of Name:

Date

Change

2014-12-8

Adoniss Limited

2011-7-22

Adonis Limited

1993-9-16

Mayar (H.K.) Limited

 

 

Corporate Structure

 

Major Related Companies

1

Name:

Mayar India Ltd.

Address:

3rd Floor, Sucheta Bhawan 11, Vishnu Digambar Marg, Rouse Avenue, ITO, New Delhi – 110 002

2

Name:

Global Wellness Holding Pte Ltd

Address:

2 Kallang Avenue, #06-30 CT Hub, Singapore 339407

3

Name:

Aubade NZ Ltd

Address:

Suite 703, 350 Queen Street, Auckland 1010, New Zealand

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Ajay Deepak

16

0.02%

Ajit Kumar Sud

16

0.02%

Mayar India Ltd.

79,744

99.96%

Total

79,776

100%

 

Major Shareholder Information:

1

Name:

Ajay Deepak

Address:

Flat B, 21/F., Bellevue Heights, No.8 Tai Hang Drive, Tai Hang, Hong Kong

2

Name:

Sud Ajit Kumar

Address:

2-A, Shankracharya Marg, Behind I.P. College, Civil Lines, New Delhi 54, India

3

Name:

Mayar India Ltd.

Address:

Plot No. A, Basant Lok Community Centre, Vasant Vihar, New Dekhi, 110057, India

 

Management Information

 

Core Management

Detailed Information of Directors:

1

Name:

Sud Ajit Kumar

Address:

2-A, Shankracharya Marg, Behind I.P. College, Civil Lines, New Delhi 54, India

Position:

Director

Passport Number:

Z2009271

Issuing Country:

India

2

Name:

Sud Ashit

Address:

Flat B, 37/F., Tower 8, Phase 1, Residence Belair, Island South, 28 Bel Air Avenue, Hong Kong

Position:

Director

ID Number:

P993566(9)

3

Name:

Sud Abhit

Address:

2-A, Shankracharya Marg, Civil Lines, Alipur Road, Delhi 110054, India

Position:

Director

Passport Number:

Z2008357

Issuing Country:

India

4

Name:

Ajay Deepak

Address:

Flat B, 21/F., Bellevue Heights, No.8 Tai Hang Drive, Tai Hang, Hong Kong

Position:

Director

Passport Number:

P709056(4)

5

Name:

Tricor Tengis Limited

Address:

Level 54, Hopewell Centre, 183 Queen’s Road East, Kowloon, Hong Kong

Position:

Corporate Secretary

Registered Number:

041027

 

Personnel Structure

Total Employees

About 10 Employees

 

 

Operation Information

 

Offices & Factories

 

Office

Address:

Room 803, 8/F., Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

 

Premises Information

 

Office address:

Address:

Room 803 on 8th Floor, Tower Two Lippo Centre, No.89 Queensway, Hong Kong

Owners:

Adoniss Limited

Memorial Number:

11081602260016

Certified copy of certificate of change of name

Date of Instrument:

2011-7-22

Date of Registration:

2011-8-16

 

History of Premises Owners’

1

Memorial No.:

10030900840030

Date of Instrument:

2010-2-10

Date of Registration:

2010-3-9

Nature:

Mortgage

In Favor of:

Bank of India

Consideration:

All moneys

2

Memorial No.:

09110901780025

Date of Instrument:

2009-10-29

Date of Registration:

2009-11-9

Nature:

Agreement for sale and purchase

Remarks: See assignment mem. no. 10030900840021

In Favor of:

Mayar (H.K.) Limited

Consideration:

HKD 4,000,000.00

3

Memorial No.:

09102901060040

Date of Instrument:

2009-10-9

Date of Registration:

2009-10-29

Nature:

Provisional agreement for sale and purchase

Remarks: See assignment mem. no. 10030900840021

In Favor of:

Mayar (H.K.) Limited

Consideration:

HKD 54,000,000.00

 

Production Information

 

l  Subject is a trader of building materials and paper products without any production activities.

 

Purchase Information

l  Subject purchases products from both home and abroad and we obtained some detail information as follows for reference.

Products

Origin Area

Timber Logs

Malaysia, Myanmar, New Zealand, Africa

Publication Paper

US, Canada, China

 

Sales Information

l  Subject is engaged in sale of building materials and paper products

l  Subject’s major products include logs, soft woods, newsprint, cement & steel.

l  Subject also provides financial and investment services to the group companies.

l  Subject’s sales region focuses on Asia market.

 

Settlements

 

Purchase

1.     Domestic Purchase

Products

Building materials and paper products

Payment Terms

Cash, T/T

 

2.     Import

Products

Building materials and paper products

Payment Terms

T/T

 

Sales

1.     Domestic Markets

Product

Building materials and paper products

Selling Terms

Cash, T/T

 

2.     Export

Product

Building materials and paper products

Selling Terms

L/C, T/T

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

 

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Name:

Union Bank of India

Account No.:

000013010000927

000013010000931

000013010000907

 

Public

 

Mortgage Record

1

Company Name:

Adoniss Limited

Instrument of Creating Mortgage:

Charge on Deposit

Date of Creating Mortgage:

2013-6-7

Amount Secured:

All Moneys

Name of Mortgagee:

Union Bank of India

Address of Mortgagee:

Suite 1903-04, 19/F., 9 Queens Road, Central, Hong Kong

Description of Property Mortgaged:

Account Number:

1. 000013010000927

2. 000013010000931

A sum of USD 1,300,000.00 (combined amount)

Break up: 1. 000013010000927 – USD 525,000.00

         2. 000013010000931 – USD 775,000.00

2

Company Name:

Adoniss Limited

Instrument of Creating Mortgage:

Charge on Deposit

Date of Creating Mortgage:

2013-4-12

Amount Secured:

All Moneys

Name of Mortgagee:

Union Bank of India

Address of Mortgagee:

Suite 1903-04, 19/F., 9 Queens Road, Central, Hong Kong

Description of Property Mortgaged:

Account Number: 000013010000907

A sum of USD 1,699,000.00

3

Company Name:

Adoniss Limited

Instrument of Creating Mortgage:

Undertaking relating to deposits

Date of Creating Mortgage:

2011-12-1

Amount Secured:

All and any liabilities, sole or joint, actual or contingent, quantified or not, sole or joint, actual or contingent, quantified or not, now or hereafter owing or incurred to the Bank by the company or any third party designated by the company.

Name of Mortgagee:

India Overseas Bank, Hong Kong Main Branch

Address of Mortgagee:

3/F., Ruttonjee House, No.11 Duddell Street, Central, Hong Kong

Description of Property Mortgaged:

Distinctive No. of Receipt

Date of Receipt

Amount of Deposit

Rate of Interest

Maturity Date Shown on Receipt

2008 FD 19 14

2011-10-10

USD 777,865.82

0.64%

2012-1-9

2008 FD 20 14

2011-10-10

USD 777,865.82

0.64%

2012-1-9

2008 FD 21 14

2011-10-10

USD 845,413.10

0.64%

2012-1-9

2010 FD 516 4

2011-11-28

USD 403,789.68

1.25%

2012-2-27

2010 FD 518 4

2011-11-29

USD 201,894.85

1.25%

2012-2-27

2010 FD 530 3

2011-9-6

USD 150,949.42

1.25%

2011-12-5

2010 FD 539 3

2011-9-14

USD 100,632.94

1.25%

2011-12-13

2010 FD 544 3

2011-9-15

USD 150,949.42

1.25%

2011-12-14

2011 FD 45 3

2011-10-25

USD 60,154.60

0.67%

2012-1-26

2011 FD 154 1

2011-7-25

USD 480,000.00

1.50%

2012-1-26

2011 FD 295 1

2011-10-26

USD 653,000.00

0.86%

2012-4-23

Any renewals thereof, and any monies, deposit, debt or credit directly or indirectly deriving from (or deemed by the Bank in good faith to derive from) the deposit or from any transfer of the deposit to any branch of the Bank or change in the currency of the deposit and references to the deposit include a part thereof, any additional sums deposited on the terms hereof (whether under paragraph C.5 or otherwise) and any interest accrued on the deposit.

4

Company Name:

Adoniss Limited

Instrument of Creating Mortgage:

Memorandum

Date of Creating Mortgage:

2011-9-2

Amount Secured:

Loan or credit or other facilities

Name of Mortgagee:

Bank of Baroda (“BOB”)

Address of Mortgagee:

4/F., Dine House, Ruttonjee Centre, 11 Duddell Street, Central, Hong Kong

Description of Property Mortgaged:

Distinctive No. of Receipt

Date of Issue

Amount USD

Due Date

91210300004549

2010-11-16

USD 162,025.37

2011-11-16

91210300004547

2010-11-30

USD 251,183.24

2011-11-30

91210300004652

2010-12-21

USD 286,175.62

2011-12-21

91210300004693

2010-12-29

USD 221,164.97

2011-12-29

91210300004717

2011-1-5

USD 122,995.23

2012-1-5

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

Special Note

 

Interview Details

Name

Operator

 

 

Industry Information

 

64132--Paper and paperboard of a kind used for writing, printing or other graphic purposes, not containing fibres obtained by a mechanical or chemi-mechanical process or of which not more than 10 % by weight of the total fibre content consists of such fibres (kg)

 

Unit: HKD/000

 

2014.05

2014.01~2013.05

 

Quantity

Value

Quantity

Value

Imports

Austria

48,398

446

670,798

6,149

The Mainland of China

6,494,117

40,003

37,098,853

224,841

Germany

63,509

1,963

1,179,957

9,227

UK

174,905

1,273

707,240

5,360

Japan

2,347,840

16,7446

10,333,466

70,194

South Korea

1,132,830

6,856

5,469,033

32,521

Exports

Bangladesh

21,584

184

323,022

2,975

The Mainland of China

2,881,217

22,032

12,958,570

106,785

Indonesia

3,408

41

19,393

297

Japan

--

-

7,669

170

North Korea

10,211

120

39,562

526

Macao, China

22,766

178

168,769

1,477

Malaysia

22,491

170

83,896

603

 

External Trade Information:

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

Lippo Centre, 89 Queensway, Admiralty, Hong Kong

IMG_3

Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

IMG_2

Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

IMG_1

Room 803, 8/F., Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

IMG_5

Room 803, 8/F., Lippo Centre, Tower II, 89 Queensway, Admiralty, Hong Kong

IMG_4

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.98.88

Euro

1

Rs.77.62

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

MNL

 

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

 

Large

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.