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MIRA INFORM REPORT
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Report No. : |
483824 |
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Report Date : |
02.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ADONISS LIMITED |
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Formerly Known As : |
·
ADONIS LTD · MAYAR (H.K.) 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 : |
·
The subject is principally engaged in importing
and exporting standard newsprint paper and glazed newsprint paper ·
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 |
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No. of Employees : |
15 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source : CIA |
COMPANY
NAME AND ADDRESS
ADONISS
LIMITED
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
MANAGEMENT
Managing
Director: Mr. Ajay Deepak
SUMMARY
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: 15.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking
Relation: Very Good.
ADDRESS
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.
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
ISSUED
SHARE CAPITAL
US$9,972,000.00
(79,776 fully paid ordinary shares)
SHAREHOLDERS
(As per registry
dated 16-09-2016)
|
Name |
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No.
of shares |
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Ajit Kumar SUD |
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16 |
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Mayar India Ltd. Plot No. A, Basant
Lok Community Centre, Vasant Vihar, New Delhi 110057, India. |
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79,744 |
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Ajay DEEPAK |
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16 |
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–––––– |
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Total: |
79,776 ===== |
DIRECTORS
(As per registry
dated 16-09-2016)
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Name (Nationality) |
Address |
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Ajit Kumar SUD (Indian) |
2-A, Shankra Charya
Marg, Behind I.P. College, Civil Lines, Alipur Road, New Delhi-110054, India. |
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Ashit SUD |
Flat B, 37/F., Tower 8, Phase 1, Residence Belair, 28 Bel Air
Avenue, Hong Kong. |
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Abhit SUD |
2-A, Shankra Charya
Marg, Behind I.P. College, Civil Lines, Alipur Road, New Delhi-110054, India. |
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Ajay DEEPAK |
Flat B, 21/F.,
Bellevue Heights, 8 Tai Hang Drive, Tai Hang, Hong Kong. |
SECRETARY
(As per registry
dated 16-09-2016)
|
Name |
Address |
Co.
No. |
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Tricor Tengis Ltd. |
Level 54, Hopewell
Centre, 183 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 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.
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: 15.
Commodities Imported: Russia, Germany, Austria, Korea, India, etc.
Markets: Hong Kong, India and
Southeast Asia.
Annual Turnover: US$200~250 million.
Terms/Sales: CAD, 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
Issued Share Capital:
US$9,972,000.00 (79,776 fully paid
ordinary shares)
Mortgage or Charge (since June 2008): (See attachment)
Profit or
Loss: Business is
profitable.
Condition: Keeping
in an active and satisfactory condition.
Facilities: Making
active use of general banking facilities.
Payment: Regular
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.
Canara
Bank, Hong Kong.
Standing: Very
Good.
GENERAL
Adoniss Limited 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 is
engaged in establishing trade links between India, Hong Kong China and the
other countries of the world.
It has developed
business ties with India and serving as a foothold for Mayar India to penetrate
into the world market. The subject has
set up the following divisions:
1.
Trading Division
·
Timber: The subject is one of the leading
importers of Timber logs into India.
Logs are bought from Malaysia, Myanmar, PNG, New Zealand, Africa, etc.
and are exported to India (80%), Vietnam, Thailand, Taiwan, China, etc. Further as a strategy for expansion into soft
wood market through backward integration.
It has bought forestry rights in Marlborough Region, South Island, New Zealand
comprising 700 ha forests.
·
Publication paper: The subject has been one
of the largest supplier of newsprint since 1948 and has a market share of 35%
of the imported newsprint. Its customers
are almost all leading newspapers of India such as Bennett Coleman &
Company, Hindustan Times, The Hindu, etc.
The subject has bought leading mills in the United States, Canada,
China, etc. and supply to all the leading publishers in India.
·
Building material: The subject trades in
construction material such as cement, steel for construction activities. The trade is primarily centred towards the
growing market in Myanmar.
2.
Forestry Division
Aubade NZ
Limited is the Forestry Division which was incorporated in September 2012. The Chairman and the Directors commenced the
Group’s New Zealand operations in late 2013 with a mission to be an Integrated
Wood Business Corporate through investments in Strategic Forest Rights and own
plantations and Value Added Products Manufacturing
Aubade has
purchased 700 hectares of Mature Radiata Pine wood forest known as Whataroa in
Marlborough Sounds in 2014.
3.
Oil Drilling Division
‘North
Star Oil Drilling LLP’ is the Oil Drilling Division of the Group which has
diversified to provide services to Oil & Gas sector with acquisition of Jack-up
Rig.
It
provides contract drilling services to energy industry. Incorporated in 2014 at New Delhi and having
strategically located office in Mumbai of India.
The subject is 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. It also monitors 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 associated companies in the United States, Canada, the United Kingdom, China, Singapore, Indonesia, and India.
In Hong Kong, the subject is rated as one of the largest trading company of Indian origin. 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, etc. 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.
The subject operates from its own office in Hong Kong.
On the whole, having a history of about twenty-four years in Hong Kong, the subject is considered good for normal business engagements.
REMARKS
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.
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:-
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Date
of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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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 |
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. |
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31-01-2009 |
Charge on Deposit |
Axis Bank Ltd.,
Hong Kong Branch. |
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06-03-2009 |
Obligations of the
Depositor |
Allahabad Bank,
Hong Kong Branch. |
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12-05-2009 |
Letter of Set-off
and Appropriation |
Bank of India,
Hong Kong Branch. |
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01-06-2009 |
Undertaking
Relating to Deposits |
UCO Bank,
Hong Kong Branch. |
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10-02-2010 |
Mortgage |
Bank of India,
Hong Kong Branch. |
|
21-04-2010 |
Memorandum |
Bank of Baroda,
Hong Kong Branch. |
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21-06-2010 |
Undertaking
Relating to Deposits |
UCO Bank,
Hong Kong Branch. |
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10-09-2010 |
Mortgage |
Allahabad Bank,
Hong Kong Branch. |
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30-09-2010 |
Mortgage |
Bank of Baroda,
Hong Kong Branch. |
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04-04-2011 |
Charge Over Deposit |
Axis Bank Ltd.,
Hong Kong Branch. |
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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. |
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17-08-2011 |
General Letter of Hypothecation |
Allahabad Bank, Hong Kong Branch. |
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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. |
|
01-12-2016 |
Second Deed of
Amendment of First Preferred Liberian Mortgage dated 20-10-2014 in respect of
m.v. “Drill Force I” |
Union Bank of
India, Hong Kong Branch. |
|
12-04-2017 |
Floating Charge |
Canara Bank,
Hong Kong Branch. |
|
20-07-2017 |
Third Deed of
Amendment of First Preferred Liberian Mortgage dated 20-10-2014 in respect of
m.v. “Drill Force I” |
Union Bank of India,
Hong Kong Branch. |
|
25-07-2017 |
Charge On Deposit |
Union Bank of
India, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.67 |
|
|
1 |
INR 85.90 |
|
Euro |
1 |
INR 76.41 |
|
HKD |
1 |
INR 8.16 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.