|
Report No. : |
346256 |
|
Report Date : |
27.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
ADONISS LTD. |
|
|
|
|
Registered Office : |
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.09.1993 |
|
|
|
|
Com. Reg. No.: |
17391818 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and exporter; buying office and regional office
all kinds of newsprint paper, graphic paper, timber, soya bean, raw cashew in
shells, industrial materials, sundries and native produces. |
|
|
|
|
No. of Employees : |
16 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
-- |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
ADONISS LTD.
ADDRESS: Room
803, 8/F., Lippo Centre, Tower 2, 89 Queensway, Admiralty, Hong Kong.
PHONE: 852-2850
7366, 2851 7366, 3664 2603,
3664 2605
FAX: 852-2542
2302, 2851 7423
E-MAIL: ajay@mayarhk.com
ajay@adonisltd.com
MANAGEMENT:
Managing Director:
Mr. Ajay Deepak
Incorporated on: 16th September, 1993.
Organization: Private Limited Company.
Issued Share Capital: US$9,972,000.00
Business Category: Importer
and Exporter; Buying Office and Regional Office.
Annual Turnover: US$200~250 million.
Employees: 16.
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
Registered Head Office:-
Room 803, 8/F., Lippo Centre, Tower 2, 89 Queensway,
Admiralty, Hong Kong.
Overseas Offices:-
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
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.
Aubade NZ Ltd., New Zealand.
Blue Diamond Far East Pte.
Ltd., Singapore.
Global Wellness Holding Pte. Ltd., Singapore.
Mannor Impex Pvt. Ltd., India.
Marque Capital Partners Pte.
Ltd., Singapore.
Mayar Biotech 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.
North Star Oil Drilling LLP, India.
Qingdao Jinhuihai International Transportation Co. Ltd.,
China.
Sanguine Singapore Pte. Ltd., Singapore.
Shree Cosmetics Ltd., India.
Signalize Impex (P) Ltd., India.
Sivananda Pharmaceuticals (Pvt.) Ltd., India.
Trinity Buildcon (India) Pvt. Ltd., India.
V.O.U. Investment (Pvt.) Ltd., India.
17391818
0449525
Group Chairman & Managing Director: Mr. Ajit Kumar Sud
Director & Business Head: Mr. Ashit Sud
Managing Director:
Mr. Ajay Deepak
US$9,972,000.00
(As per registry dated 16-09-2014)
|
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 |
|
16 |
|
|
|
–––––– |
|
|
Total: |
79,776 ===== |
(As per registry dated 09-12-2014)
|
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., Tower
8, Phase 1, Residence Belair, 28
Bel Air Avenue, Hong Kong. |
|
Abhit SUD |
2-A, Shankra Charya Marg, Behind I.P. College, Civil
Lines, Alipur Road, New Delhi-110054, India. |
|
Ajay DEEPAK |
Flat B, 21/F., Bellevue Heights, 8 Tai Hang Drive, Tai
Hang, Hong Kong. |
(As per registry dated 16-09-2014)
|
Name |
Address |
Co. No. |
|
Tricor Tengis Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0041027 |
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 was changed to Adonis Ltd. on 22nd July, 2011, and
further to the present style on 8th December, 2014.
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 further moved 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.
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: 16.
Commodities Imported: Russia,
Germany, Austria, Korea, India
Markets: Hong
Kong, India and Southeast Asia.
Annual Turnover: US$200~250
million.
Terms/Sales: L/C, T/T
Terms/Buying: L/C, T/T, D/P
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Issued Share Capital: US$9,972,000.00
Mortgage or Charge (since June 2008): (See attachment)
Profit or Loss: Operation is profitable.
Condition: Keeping in an active and satisfactory
condition.
Facilities: Making
active use of general banking facilities.
Payment: Met
obligations as contracted.
Commercial Morality:
Very Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Credit Agricole Corporate &
Investment Bank, 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 Branch.
Bank of India, Hong Kong Branch.
Axis Bank Ltd., Hong Kong Branch.
Allahabad Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Bank of India, Hong Kong Branch.
Union Bank of India, Hong Kong Branch.
Standing: Very Good.
Adoniss Ltd. was incorporated in Hong Kong in September 1993
and commenced business in June 1994. Its
holding company Mayar India Ltd. [Mayar India] is an India-based firm.
The subject changed name to the present style in December
2014.
It is engaged in establishing trade links between India,
Hong Kong and the other countries of the world. It is rapidly developing business ties with
India and serving as a foothold for Mayar India to penetrate into the world
market. The subject carries Forest
Resources, Publication Paper, Timber, Agriculture Produce, Iron Ore and Steel.
The subject is an Indian company acting as a buying and
regional office for Mayar India in Hong Kong.
Located in New Delhi, India, Mayar India has been dealing in
paper for over 50 years. Mayar India,
the flagship company of the Mayar Group, is engaged in international
trading. It also monitors of all the
Group companies in India and abroad. The
total annual sales turnover of the Group is over US$600 million. Business is active.
The subject is a part of the Mayar Group which is
headquartered in India and has a history of over 67 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 estates, personal care products,
infrastructure development, shipping and hospitality. It is also engaged in the sectors of oil and
gas. It has become one of the significant
enterprises in India.
Mayar 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. It has set up associated
companies in the United States, Canada, the United Kingdom, China, Singapore,
Indonesia, and India.
The Group keeps on expanding its business in diversified
economy. For instance, the Group has set
up the following two new firms in Singapore:-
Sanguine Singapore Pte. Ltd.
The former is a Spa Chain in Singapore while the latter is a
shipping company. Now, the Group has
become a USD one billion multinational and multi-product conglomerate.
The Group’s Mayar Infrastructure Development Pvt. Ltd.
[MIDPL] is developing a 100 Acres of Special Economic Zone in Northern India
(Delhi / National Capital Region).
Keystone Knowledge Park (KKP,
formerly known as ‘Mayar Biotech SEZ’) has a
total of 100 acres of land which is the Government of India notified for
Biotechnology & Life Sciences. MIDPL
is one of the developers.
In Hong Kong, the subject is rated as one of the largest
trading company of Indian origin, with its net worth about US$40 million as of
31st March, 2015. Now, its annual sales
turnover ranges from US$200 to 250 million.
Business is active.
The subject is principally engaged in importing and
exporting 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
timber, agricultural products, iron ore, iron and steel, chemicals. Its business has penetrated China and offices
have been set up in Guangzhou, Qingdao and Beijing.
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 a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
The subject operates from its own office in Hong Kong.
On the whole, having a history of over twenty-two years
and a month, the subject is considered good for normal business
engagements.
Brief personal profile 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 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 8 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, MSc. (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 |
(Since June 2008)
|
Date |
Description of Instrument |
Mortgagee |
|
07-08-2008 |
Letter of Set-off and Appropriation |
Bank of India, Hong Kong Branch. |
|
24-09-2008 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
31-01-2009 |
Charge on Deposit |
Axis Bank Ltd., Hong Kong Branch. |
|
06-03-2009 |
Obligations of the Depositor |
Allahabad Bank, Hong Kong Branch. |
|
12-05-2009 |
Letter of Set-off and Appropriation |
Bank of India, Hong Kong Branch. |
|
01-06-2009 |
Undertaking Relating to Deposits |
UCO Bank, Hong Kong Branch. |
|
10-02-2010 |
Mortgage |
Bank of India, Hong Kong Branch. |
|
21-04-2010 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
|
21-06-2010 |
Undertaking Relating to Deposits |
UCO Bank, Hong Kong Branch. |
|
10-09-2010 |
Mortgage |
Allahabad Bank, Hong Kong Branch. |
|
30-09-2010 |
Mortgage |
Bank of Baroda, Hong Kong Branch. |
|
04-04-2011 |
Charge Over Deposit |
Axis Bank Ltd., Hong Kong Branch. |
|
23-05-2011 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
17-08-2011 |
Obligations of the Depositor |
Allahabad Bank, Hong Kong
Branch. |
|
17-08-2011 |
General Letter of Hypothecation |
Allahabad Bank, Hong Kong
Branch. |
|
02-09-2011 |
Memorandum |
Bank of Baroda, Hong Kong Branch. |
|
01-12-2011 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
12-04-2013 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
|
07-06-2013 |
Charge on Deposit |
Union Bank of India, Hong Kong Branch. |
|
20-10-2014 |
First Preferred Liberian Mortgage in respect of m.v.
“Drill Force I” |
Union Bank of India, Hong Kong Branch. |
|
21-07-2015 |
General Letter of Hypothecation |
Bank of Baroda, Hong Kong Branch. |
|
07-08-2015 |
Deed of Amendment of First Preferred Liberian Mortgage in
respect of m.v. “Drill Force I” |
Union Bank of India, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.96 |
|
UK Pound |
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.71.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.